Agriculture outcomes and monetary policy actions: Kissin' cousins?
AbstractU.S. agriculture is a spectacular success story of high productivity growth maintained over an amazingly long period of time. Nevertheless, the industry today suffers from the same problems it has always suffered from: droughts, locusts and market disruptions. In this article, Kevin Kliesen and William Poole explain how monetary policy can contribute to a healthy agriculture sector. The reality is that the fundamental economic forces controlling the destiny of agriculture-high productivity growth, the hazards of nature, the low price and income elasticities of demand, and the instability of conditions in important export markets-are things that the Fed can do nothing about. The main message is that the best the Fed can do to stabilize the agricultural sector is to maintain low and steady inflation.
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Bibliographic InfoArticle provided by Federal Reserve Bank of St. Louis in its journal Review.
Volume (Year): (2000)
Issue (Month): May ()
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- repec:fip:fedlps:y:2000:x:6 is not listed on IDEAS
- Kevin L. Kliesen & John A. Tatom, 2013. "U.S. manufacturing and the importance of international trade: it’s not what you think," Review, Federal Reserve Bank of St. Louis, issue January, pages 27-50.
- Koo, Won W. & Cho, Guedae & Kim, MinKyoung, 2005. "Macro Effects on Agricultural Prices in Different Time Horizons," 2005 Annual meeting, July 24-27, Providence, RI 19349, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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