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The Impact Of Macrovariables On The Farm Sector: Some Further Evidence

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  • Tegene, Abebayehu

Abstract

Granger-causality tests and Sims' VAR techniques were used to analyze the impact of macrovariables on farm output and prices in the U.S. for the period 1934-1987. Granger-causality tests show one-way causality from the macrovariables to the farm sector variables, and this is supported by impulse response functions from a VAR model. Money and interest rate effects on agricultural prices and output are apparent in the data.

Suggested Citation

  • Tegene, Abebayehu, 1990. "The Impact Of Macrovariables On The Farm Sector: Some Further Evidence," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 22(01), July.
  • Handle: RePEc:ags:sojoae:29899
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    References listed on IDEAS

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    1. Chambers, Robert G. & Just, Richard E., 1982. "An investigation of the effect of monetary factors on agriculture," Journal of Monetary Economics, Elsevier, vol. 9(2), pages 235-247.
    2. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    3. David A. Bessler, 1984. "Relative Prices and Money: A Vector Autoregression on Brazilian Data," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 66(1), pages 25-30.
    4. 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.
    5. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-1072, June.
    6. G. Edward Schuh, 1974. "The Exchange Rate and U. S. Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(1), pages 1-13.
    7. Gordon C. Rausser & James A. Chalfant & H. Alan Love & Kostas G. Stamoulis, 1986. "Macroeconomic Linkages, Taxes, and Subsidies in the U.S. Agricultural Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(2), pages 399-412.
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    Cited by:

    1. Alogoskoufis, George & Varangis, Panos, 1992. "OECD fiscal policies and the relative prices of primary commodities," Policy Research Working Paper Series 955, The World Bank.

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    Keywords

    Demand and Price Analysis;

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