Effects of the Monetary Macro-economy on Canadian Agricultural Prices
AbstractThis paper examines the importance of monetary macroeconomic variables on Canadian agricultural prices using vector autoregressive modeling. The research results suggest that U.S. monetary macroeconomic policy, as represented by the U.S./world exchange rate, is the most significant monetary factor influencing Canadian agricultural price instability. The paper also examines how agricultural prices and manufactures prices respond to a monetary shock. The results suggest that agricultural prices respond more quickly in the short run, but that manufactures prices catch up in later periods. This conclusion supports Michael D. Bordo's contract length hypothesis and Jeffrey A. Frankel's overshooting hypothesis. It does not support Luther Tweeten's cost-price squeeze hypothesis.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 22 (1989)
Issue (Month): 2 (May)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
Web page: http://economics.ca/cje/
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- Bakucs, Lajos Zoltan & Ferto, Imre, 2009. "Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy: The Case of Hungary," 2009 Conference, August 16-22, 2009, Beijing, China 51798, International Association of Agricultural Economists.
- Bakucs, Lajos Zoltan & Ferto, Imre, 2005. "The Influence of Macroeconomic Variables on the Hungarian Agriculture," 2005 Annual meeting, July 24-27, Providence, RI 19232, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Chao, Chi-Chur & Hu, Shih-Wen & Tai, Meng-Yi & Wang, Vey, 2011. "Monetary policy announcements and stock price dynamics in a small open economy," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 520-531, October.
- Wang, Vey & Lai, Chung-Hui & Hu, Shih-Wen & Cheng, Chia-Hui, 2007.
[The impact of stock market policy announcement on commodity prices and share prices]," MPRA Paper 31178, University Library of Munich, Germany.
- Bakucs, Lajos Zoltan & Ferto, Imre, 2005. "Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24711, European Association of Agricultural Economists.
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