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Macroeconomic Shocks: Effects on the General Economy, Agricultural Prices, and Rural Unemployment

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  • Kitchen, John
  • Mack, Elizabeth

Abstract

This report examines macroeconomic shocks and the effects of the shocks on agricultural prices and the rural unemployment rate. The macroeconomic model described in this report is a structural, simultaneous equation model of quarterly frequency based on the Neoclassical-Keynesian Synthesis of macroeconomic theory. The model also includes linkages to agricultural and food prices and to the rural unemployment rate. We used the model in separate simulations to evaluate the effects of monetary policy, fiscal policy, the exchange rate, the price of crude oil, and a drought.

Suggested Citation

  • Kitchen, John & Mack, Elizabeth, 1991. "Macroeconomic Shocks: Effects on the General Economy, Agricultural Prices, and Rural Unemployment," Staff Reports 278583, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerssr:278583
    DOI: 10.22004/ag.econ.278583
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    References listed on IDEAS

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    1. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    2. Hamrick, Karen S., 1991. "Macroeconomic Impacts on Nonmetro Unemployment: Preliminary Research," Staff Reports 278579, United States Department of Agriculture, Economic Research Service.
    3. Kitchen, John & Conway, Roger & LeBlanc, Michael, 1990. "Monetary policy: the potential role for agricultural commodity prices," Technical Bulletins 312315, United States Department of Agriculture, Economic Research Service.
    4. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    5. Mussa, Michael, 1982. "A Model of Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 74-104, February.
    6. Kitchen, John, 1989. "A Simple Empirical Model of Macroeconomic Effects on Agriculture: An Asset Market Approach," Staff Reports 278199, United States Department of Agriculture, Economic Research Service.
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    Cited by:

    1. Hamrick, Karen S., 1991. "Macroeconomic Impacts on Nonmetro Unemployment: Preliminary Research," Staff Reports 278579, United States Department of Agriculture, Economic Research Service.
    2. Hallberg, Milton C. & Herendeen, James B., 1996. "Macroeconomic Policy and Agricultural Cycles in Australia and the United States," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 64(01), pages 1-15, April.
    3. Kitchen, John & Orden, David, 1991. "Effects of Fiscal Policy on Agriculture and the Rural Economy," Staff Reports 278556, United States Department of Agriculture, Economic Research Service.

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