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Monetary Shocks and Real Farm Prices: A Re-Examination

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Author Info

  • Alan G. Isaac

    (American University)

  • David E. Rapach

    (American University)

Abstract

The effect of monetary policy on the farm sector remains controversial. Studies attempting to quantify the effects of monetary disturbances on real farm prices report conflicting results: some find that positive monetary shocks increase real farm prices in the short run, while others detect no such effect. We offer a resolution of these conflicting findings by re-estimating existing models on a common data set. When sample periods corresponding to the original studies are used, the conflicting results are confirmed. In contrast, when samples are updated through 1993, all models supply the same result: monetary shocks do not afffect real farm prices.

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File URL: http://128.118.178.162/eps/othr/papers/9602/9602001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Others with number 9602001.

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Length: 28 pages
Date of creation: 07 Feb 1996
Date of revision:
Handle: RePEc:wpa:wuwpot:9602001

Note: Type of Document - Word Perfect 6.1; prepared on IBM PC; to print on HP Laserjet; pages: 28; figures: included. none
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Web page: http://128.118.178.162

Related research

Keywords: monetary shocks farm prices;

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References

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  1. Stamoulis, Kostas G. & Rausser, Gordon C., 1987. "Overshooting of agricultural prices," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt83060269, Department of Agricultural & Resource Economics, UC Berkeley.
  2. Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
  3. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
  4. Runkle, David E, 1987. "Vector Autoregressions and Reality," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(4), pages 437-42, October.
  5. Pagan, Adrian, 1984. "Econometric Issues in the Analysis of Regressions with Generated Regressors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-47, February.
  6. Michael T. Belongia, 1991. "Monetary policy and the farm/nonfarm price ratio: a comparison of effects," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 30-46.
  7. David E. Runkle, 1987. "Vector autoregressions and reality," Staff Report 107, Federal Reserve Bank of Minneapolis.
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Citations

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Cited by:
  1. Kevin L. Kliesen & William Poole, 2000. "Agriculture outcomes and monetary policy actions: Kissin' cousins?," Review, Federal Reserve Bank of St. Louis, issue May, pages 1-12.
  2. Goodness C. AYE & Rangan GUPTA, 2012. "The Effects Of Monetary Policy On Real Farm Prices In South Africa," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 12(1), pages 147-158.
  3. Lai, Ching-Chong & Hu, Shih-Wen & Fan, Chih-Ping, 2005. "The Overshooting Hypothesis of Agricultural Prices: The Role of Asset Substitutability," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(01), April.
  4. Arnade, Carlos A. & Osborne, Stefan, 2001. "Measurement And Testing For Neutrality Of Foreign Price And Cpi Transmission In Russia," 2001 Annual meeting, August 5-8, Chicago, IL 20625, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Apergis, Nicholas & Rezitis, Anthony N., 2011. "Food Price Volatility and Macroeconomic Factors: Evidence from GARCH and GARCH-X Estimates," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(01), February.

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