Aggregate Sources of Relative Price Variability Among Agricultural Commodities
作者:
John S. Lapp,
Vincent H. Smith,
期刊:
American Journal of Agricultural Economics
(WILEY Available online 1992)
卷期:
Volume 74,
issue 1
页码: 1-9
ISSN:0002-9092
年代: 1992
DOI:10.2307/1242984
出版商: Oxford University Press
数据来源: WILEY
摘要:
AbstractA measure of relative price variability among forty‐seven agricultural commodities is developed for the period 1962 to 1987. Econometric models are used to explore the effects of macroeconomic instability on relative price variability within the agricultural sector. The results show that these relative prices are more variable when actual and unanticipated inflation rates are higher. They may also be more variable during periods when real shocks to the macroeconomy are relatively large. Thus, monetary and fiscal events are not neutral with respect to the agricultural sector because macroeconomic instability appears to create instability and increased uncertainty in agricultural markets.
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