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Devaluation, Foreign Trade Controls, and Domestic Wheat Prices

Author

Listed:
  • Paul R. Johnson
  • Thomas Grennes
  • Marie Thursby

Abstract

The 1970s have seen sharp fluctuations in grain prices. Several plausible explanations for the unusual severity of these ups and downs have been advanced, including devaluation of the dollar for the upswing in 1972–74. U.S. wheat prices for the year of highest prices, 1973–74,are examined. A trade model that distinguishes wheat by country of origin is used to analyze various events in that year. It is concluded that insulating trade policies by wheat exporters and importers had the largest impact on U.S. wheat prices.

Suggested Citation

  • Paul R. Johnson & Thomas Grennes & Marie Thursby, 1977. "Devaluation, Foreign Trade Controls, and Domestic Wheat Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(4), pages 619-627.
    • Handle: RePEc:oup:ajagec:v:59:y:1977:i:4:p:619-627.
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    18. Dushmanitch, V. Y. & Darroch, M. A. G., 1991. "The Impacts Of Monetary Policy On The Maize And Beef Sectors Of South Africa I: Theoretical Foundations And Model Specification," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 30(3), September.
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