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The US Exhange Rate and Agricultural Trade: Effects of Changes in the US Money Supply on the World Coarse Grains Market


  • Denbaly, M.S. Mark
  • Williams, Gary W.


This paper measures the impact of US monetary policy on prices and trade in the workd coarse grains market. A long-run, nonlinear, nonspatial price equilibrium world model of the coarse grains market was constructed that endogenizes the US exchange rate while implicity accounting for the pricing policy differences across nations. The results of the analysis show that the effects of an increase in the US money supply are minor in large part because of the inelastic world import demand, elastic US export supply, and inelastic export supploes of other regions. Furthermore, the US competitive position improves in the world market, while its prices change less than those of all other regions in the model.

Suggested Citation

  • Denbaly, M.S. Mark & Williams, Gary W., 1987. "The US Exhange Rate and Agricultural Trade: Effects of Changes in the US Money Supply on the World Coarse Grains Market," 1987 Occasional Paper Series No. 4 197432, International Association of Agricultural Economists.
  • Handle: RePEc:ags:iaaeo4:197432

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    References listed on IDEAS

    1. Denbaly, Mark, 1985. "Theoretical And Empirical Application Of * The Exchange Rate Variable In Annual Econometric Agricultural Trade Models," 1985 Annual Meeting, August 4-7, Ames, Iowa 278661, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Denbaly, Massoud Said Mark, 1984. "U. S. monetary policy and the exchange rate: effects on the world coarse grain market," ISU General Staff Papers 198401010800008753, Iowa State University, Department of Economics.
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