Effects of Exchange Rate Changes on U.S. Agriculture: A Dynamic Analysis

Robert G. Chambers · Richard E. Just

154 citations0/0 files storedAmerican Journal of Agricultural Economics

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Economics of Agriculture and Food Markets Agricultural economics and policies Market Dynamics and Volatility

Abstract

Abstract An econometric model of the wheat, corn, and soybean markets is used to examine the dynamic effects of exchange rate fluctuation on U.S. commodity markets. Exports and agricultural prices are found to be sensitive to movements in the exchange rate, while domestic factors, such as disappearance and inventories, are less sensitive but still responsive. Dramatic short‐run adjustments in prices and exports are followed by less dramatic but significant longer‐run adjustments. Thus, the hypothesis of elastic response to the exchange rate seems particularly relevant for the short run.

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References

1921Survey of current business 1950Measurement of Price Elasticities in International Trade 1979The Effects of Devaluation on the Trade Balance and the Balance of Payments: Some New Results 1972Supply Analysis for Corn in the United States: The Impact of Changing Government Programs

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