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Agriculture and the Business Cycle in a Natural Rate Model

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  • David H. Gillette

Abstract

Many studies generate the impression that agriculture in the United States behaves procyclically with respect to monetary policy. In this paper, a macroeconomic model is presented in which agriculture can be either pro-, counter-, or acyclical. It includes two internationally traded goods, a non-internationally traded good, nominal wage rigidities, and a money market. These features allow exploration of the hypothesis that a positive aggregate demand disturbance that causes an expansion in real U.S. economic activity might simultaneously cause a decline in the real value of agricultural output.

Suggested Citation

  • David H. Gillette, 1993. "Agriculture and the Business Cycle in a Natural Rate Model," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 15(2), pages 279-293.
    • Handle: RePEc:oup:revage:v:15:y:1993:i:2:p:279-293.
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    File URL: http://hdl.handle.net/10.2307/1349448
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