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Agriculture outcomes and monetary policy actions: Kissin' cousins?

Author

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  • Kevin L. Kliesen
  • William Poole

Abstract

U.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.

Suggested Citation

  • 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.
  • Handle: RePEc:fip:fedlrv:y:2000:i:may:p:1-12:n:v.82no.3
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    References listed on IDEAS

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    1. Alan G. Isaac & David E. Rapach, 1997. "Monetary Shocks and Relative Farm Prices: A Re-examination," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(4), pages 1332-1339.
    2. John B. Taylor, 1998. "Monetary policy and the long boom," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 3-12.
    3. Darryl R. Francis, 1974. "Impact of Monetary Actions on Farm Income and Finance," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(5), pages 1047-1055.
    4. William Poole, 2000. "Great monetary myths," Speech 70, Federal Reserve Bank of St. Louis.
    5. Phillip Cagan, 1989. "Money-Income Causality-- A Critical Review of the Literature Since "A Monetary History"," NBER Chapters,in: Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, pages 117-160 National Bureau of Economic Research, Inc.
    6. Alan G. Isaac & David E. Rapach, 1996. "Monetary Shocks and Real Farm Prices: A Re-Examination," Others 9602001, EconWPA.
    7. Gardner, Bruce L, 1992. "Changing Economic Perspectives on the Farm Problem," Journal of Economic Literature, American Economic Association, vol. 30(1), pages 62-101, March.
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    Citations

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    Cited by:

    1. Cho, Guedae & Kim, MinKyoung & Koo, Won W., 2003. "Relative Agricultural Price Changes In Different Time Horizons," 2003 Annual meeting, July 27-30, Montreal, Canada 22249, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. 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).
    3. Kliesen, Kevin L. & Tatom, John A., 2013. "U.S. manufacturing and the importance of international trade: it’s not what you think," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 27-50.

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