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Recent Macroeconomic Dynamics and Agriculture in Historical Perspective

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  • Orden, David

Abstract

This article explores the similarities, differences, and implications from the 1970s–1980s experience for the macroeconomic dynamic that may arise from the 2008 price spike and subsequent recession. Role of monetary policy (deviations from Taylor rule) is assessed. This is an argument that has not been too prominent in public discourse about causes of the financial crisis or the policies undertaken to restore stability to financial markets and avoid an even deeper downturn than occurred. The ‘‘misery index’’ is compared across the past and recent macroeconomic events. Effects on agriculture of exchange rates are reviewed, effects dependent on currency values and interest rates that can change quickly and in unexpected ways.

Suggested Citation

  • Orden, David, 2010. "Recent Macroeconomic Dynamics and Agriculture in Historical Perspective," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 42(3), pages 1-10, August.
    • Handle: RePEc:ags:joaaec:92581
    DOI: 10.22004/ag.econ.92581
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    References listed on IDEAS

    as
    1. Saghaian, Sayed H., 2010. "The Impact of the Oil Sector on Commodity Prices: Correlation or Causation?," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 42(3), pages 477-485, August.
    2. Bonilla, Eugenio Diaz, 2008. "Global macroeconomic developments and poverty:," IFPRI discussion papers 766, International Food Policy Research Institute (IFPRI).
    3. Orden, David, 2010. "Recent Macroeconomic Dynamics and Agriculture in Historical Perspective," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 42(3), pages 467-476, August.
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    Cited by:

    1. Fadeyi, O.A. & Ogundeji, A.A. & Willemse, B.J., 2015. "Establishing the linkages between the South African agricultural trade balance and macroeconomic indicators," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 53(4), March.
    2. repec:ags:ijag24:346826 is not listed on IDEAS
    3. Glenn P. Jenkins & Chun-Yan Kuo, 2013. "Contract Farming Risks: A Monte Carlo Assessment," Development Discussion Papers 2013-07, JDI Executive Programs.
    4. Orden, David, 2010. "Recent Macroeconomic Dynamics and Agriculture in Historical Perspective," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 42(3), pages 467-476, August.
    5. Yu, Xiaohua, 2014. "Monetary easing policy and long-run food prices: Evidence from China," Economic Modelling, Elsevier, vol. 40(C), pages 175-183.

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    More about this item

    Keywords

    Agribusiness; Agricultural Finance; Environmental Economics and Policy; Political Economy; Production Economics; Public Economics;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy

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