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Effects of the Monetary Macro-economy on Canadian Agricultural Prices

  • J. S. Taylor
  • John Spriggs
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    This 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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    File URL: http://links.jstor.org/sici?sici=0008-4085%28198905%2922%3A2%3C278%3AEOTMMO%3E2.0.CO%3B2-E
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    Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

    Volume (Year): 22 (1989)
    Issue (Month): 2 (May)
    Pages: 278-89

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    Handle: RePEc:cje:issued:v:22:y:1989:i:2:p:278-89
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