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Monetary Impacts On Prices In The Short And Long Run: Further Results For The United States

  • Choe, Young Chan
  • Koo, Won W.
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    This study examines the long-run neutrality of money and the short-run dynamics of farm and nonfarm prices to the monetary shock, using Johansen'Â’s approach. Results find a long-run equality of prices, but not neutrality. In the short-run, farm prices adjust faster than nonfarm prices to a monetary shock.

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    Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

    Volume (Year): 18 (1993)
    Issue (Month): 02 (December)

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    Handle: RePEc:ags:jlaare:30957
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    1. Rausser, Gordon C., 1985. "Macroeconomics and U.S. agricultural policy," CUDARE Working Paper Series 385, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
    2. Granger, C. W. J., 1981. "Some properties of time series data and their use in econometric model specification," Journal of Econometrics, Elsevier, vol. 16(1), pages 121-130, May.
    3. Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May.
    4. Hoffman, Dennis L & Rasche, Robert H, 1991. "Long-Run Income and Interest Elasticities of Money Demand in the United States," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 665-74, November.
    5. Orden, David, 1986. "Agriculture, trade, and macroeconomics: The U.S. case," Journal of Policy Modeling, Elsevier, vol. 8(1), pages 27-51.
    6. David A. Dickey & Dennis W. Jansen & Daniel L. Thornton, 1991. "A primer on cointegration with an application to money and income," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 58-78.
    7. Bordo, Michael David, 1980. "The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(6), pages 1088-1109, December.
    8. repec:cdl:agrebk:1127542 is not listed on IDEAS
    9. Orden, David, 2003. "U. S. agricultural policy," TMD discussion papers 109, International Food Policy Research Institute (IFPRI).
    10. Joseph H. Haslag & Daniel J. Slottje, 1989. "Macroeconomic policy and income inequality: an error-correction representation," Research Paper 8909, Federal Reserve Bank of Dallas.
    11. Kunst, Robert & Neusser, Klaus, 1990. "Cointegration in a Macroeconomic System," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 5(4), pages 351-65, Oct.-Dec..
    12. Kloek, Tuen & van Dijk, Herman K, 1978. "Bayesian Estimates of Equation System Parameters: An Application of Integration by Monte Carlo," Econometrica, Econometric Society, vol. 46(1), pages 1-19, January.
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