Monetary easing policy and long-run food prices: Evidence from China
Author
Abstract
Suggested Citation
DOI: 10.1016/j.econmod.2014.03.029
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Christopher L. Gilbert, 2010. "How to Understand High Food Prices," Journal of Agricultural Economics, Wiley Blackwell, vol. 61(2), pages 398-425, June.
- Jun Yang & Huanguang Qiu & Jikun Huang & Scott Rozelle, 2008. "Fighting global food price rises in the developing world: the response of China and its effect on domestic and world markets," Agricultural Economics, International Association of Agricultural Economists, vol. 39(s1), pages 453-464, November.
- Bordo, Michael David, 1980. "The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(6), pages 1088-1109, December.
- Bartosz Mackowiak & Mirko Wiederholt, 2009.
"Optimal Sticky Prices under Rational Inattention,"
American Economic Review, American Economic Association, vol. 99(3), pages 769-803, June.
- Maćkowiak, Bartosz & Wiederholt, Mirko, 2005. "Optimal sticky prices under rational inattention," SFB 649 Discussion Papers 2005-040, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
- Maćkowiak, Bartosz & Wiederholt, Mirko, 2009. "Optimal sticky prices under rational inattention," Working Paper Series 1009, European Central Bank.
- Mackowiak, Bartosz & Wiederholt, Mirko, 2007. "Optimal Sticky Prices under Rational Inattention," CEPR Discussion Papers 6243, C.E.P.R. Discussion Papers.
- Mirko Wiederholt & Bartosz Mackowiak, 2005. "Optimal Sticky Prices under Rational Inattention," 2005 Meeting Papers 369, Society for Economic Dynamics.
- John C. Robertson & David Orden, 1990. "Monetary Impacts on Prices in the Short and Long Run: Some Evidence from New Zealand," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(1), pages 160-171.
- Wusheng Yu & Hans G. Jensen, 2010.
"China’s Agricultural Policy Transition: Impacts of Recent Reforms and Future Scenarios,"
Journal of Agricultural Economics, Wiley Blackwell, vol. 61(2), pages 343-368, June.
- Yu, Wusheng & Jensen, Hans Grinsted, 2009. "China’s Agricultural Policy Transition: Impacts of Recent Reforms and Future Scenarios," 2009 Conference, August 16-22, 2009, Beijing, China 51682, International Association of Agricultural Economists.
- Xiaohua Yu, 2014. "Raising food prices and welfare change: a simple calibration," Applied Economics Letters, Taylor & Francis Journals, vol. 21(9), pages 643-645, June.
- Choe, Young Chan & Koo, Won W., 1993. "Monetary Impacts On Prices In The Short And Long Run: Further Results For The United States," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 18(2), pages 1-14, December.
- James B. Bullard, 1999. "Testing long-run monetary neutrality propositions: lessons from the recent research," Review, Federal Reserve Bank of St. Louis, vol. 81(Nov), pages 57-77.
- Awokuse, Titus O., 2005.
"Impact of Macroeconomic Policies on Agricultural Prices,"
Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 34(2), pages 1-12, October.
- Awokuse, Titus O., 2005. "Impact of Macroeconomic Policies on Agricultural Prices," Agricultural and Resource Economics Review, Cambridge University Press, vol. 34(2), pages 226-237, October.
- Francisco H. G. Ferreira & Anna Fruttero & Phillippe G. Leite & Leonardo R. Lucchetti, 2013.
"Rising Food Prices and Household Welfare: Evidence from Brazil in 2008,"
Journal of Agricultural Economics, Wiley Blackwell, vol. 64(1), pages 151-176, February.
- Ferreira, Francisco H. G. & Fruttero, Anna & Leite, Phillippe & Lucchetti, Leonardo, 2011. "Rising Food Prices and Household Welfare: Evidence from Brazil in 2008," IZA Discussion Papers 5713, Institute of Labor Economics (IZA).
- Francisco H. G. Ferreira & Anna Fruttero & Phillippe Leite & Leonardo Lucchetti, 2011. "Rising food prices and household welfare: Evidence from Brazil in 2008," Working Papers 200, ECINEQ, Society for the Study of Economic Inequality.
- Ferreira, Francisco H. G. & Fruttero, Anna & Leite, Phillippe & Lucchetti, Leonardo, 2011. "Rising food prices and household welfare : evidence from Brazil in 2008," Policy Research Working Paper Series 5652, The World Bank.
- Joakim Westerlund & Mauro Costantini, 2009.
"Panel cointegration and the neutrality of money,"
Empirical Economics, Springer, vol. 36(1), pages 1-26, February.
- Westerlund, Joakim & Costantini, Mauro, 2006. "Panel Cointegration and the Neutrality of Money," Working Papers 2006:18, Lund University, Department of Economics.
- Anderson, Kym & Nelgen, Signe, 2012.
"Trade Barrier Volatility and Agricultural Price Stabilization,"
World Development, Elsevier, vol. 40(1), pages 36-48.
- Kym Anderson & Signe Nelgen, 2010. "Trade Barrier Volatility and Agricultural Price Stabilization," Centre for International Economic Studies Working Papers 2010-16, University of Adelaide, Centre for International Economic Studies.
- Anderson, Kym & Nelgen, Signe, 2010. "Trade Barrier Volatility and Agricultural Price Stabilization," CEPR Discussion Papers 8102, C.E.P.R. Discussion Papers.
- Mikhail Golosov & Robert E. Lucas Jr., 2007.
"Menu Costs and Phillips Curves,"
Journal of Political Economy, University of Chicago Press, vol. 115(2), pages 171-199.
- Mikhail Golosov & Robert E. Lucas, 2003. "Menu Costs and Phillips Curves," NBER Working Papers 10187, National Bureau of Economic Research, Inc.
- Robert Lucas & Mike Golosov, 2004. "Menu Costs and Phillips Curves," 2004 Meeting Papers 144, Society for Economic Dynamics.
- Sayed H. Saghaian & Michael R. Reed & Mary A. Marchant, 2002. "Monetary Impacts and Overshooting of Agricultural Prices in an Open Economy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 84(1), pages 90-103.
- Derek Headey & Shenggen Fan, 2008.
"Anatomy of a crisis: the causes and consequences of surging food prices,"
Agricultural Economics, International Association of Agricultural Economists, vol. 39(s1), pages 375-391, November.
- Headey, Derek & Fan, Shenggen, 2008. "Anatomy of a crisis: The causes and consequences of surging food prices," IFPRI discussion papers 831, International Food Policy Research Institute (IFPRI).
- Devadoss, Stephen, 1991. "Tests Of Monetary Neutrality On Farm Output," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 16(1), pages 1-1, July.
- John S. Lapp, 1990. "Relative Agricultural Prices and Monetary Policy," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(3), pages 622-630.
- Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
- Huang, Jikun & Wang, Xiaobing & Rozelle, Scott, 2013. "The subsidization of farming households in China’s agriculture," Food Policy, Elsevier, vol. 41(C), pages 124-132.
- 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.
- 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.
- Xiaohua Yu & Guoqing Zhao, 2009.
"Chinese agricultural development in 30 years: A literature review,"
Frontiers of Economics in China, Springer;Higher Education Press, vol. 4(4), pages 633-648, December.
- YU Xiaohua & ZHAO Guoqing, 2009. "Chinese agricultural development in 30 years: A literature review," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 4(4), pages 633-648, December.
- Chambers, Robert G. & Just, Richard E., 1982. "An investigation of the effect of monetary factors on agriculture," Journal of Monetary Economics, Elsevier, vol. 9(2), pages 235-247.
- Olekalns, Nilss, 1996.
"Some further evidence on the long-run neutrality of money,"
Economics Letters, Elsevier, vol. 50(3), pages 393-398, March.
- Olekalns, N., 1995. "Some further Evidence on the Long Run Neutrality of Money," Department of Economics - Working Papers Series 465, The University of Melbourne.
- MB Kaabia & JM Gil, 2000. "Short- and long-run effects of macroeconomic variables on the Spanish agricultural sector," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 27(4), pages 449-471, December.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- Jeffrey H. Dorfman & William D. Lastrapes, 1996. "The Dynamic Responses of Crop and Livestock Prices to Money-Supply Shocks: A Bayesian Analysis Using Long-Run Identifying Restrictions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(3), pages 530-541.
- Holt, Charles C., 2004. "Author's retrospective on 'Forecasting seasonals and trends by exponentially weighted moving averages'," International Journal of Forecasting, Elsevier, vol. 20(1), pages 11-13.
- Yu, Xiaohua & Abler, David, 2014. "Where have all the pigs gone? Inconsistencies in pork statistics in China," China Economic Review, Elsevier, vol. 30(C), pages 469-484.
- Brian D. Wright, 2011.
"The Economics of Grain Price Volatility,"
Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(1), pages 32-58.
- Brian D. Wright, 2011. "The Economics of Grain Price Volatility," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(1), pages 32-58.
- Richard C. Barnett & David A. Bessler & Robert L. Thompson, 1983. "The Money Supply and Nominal Agricultural Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(2), pages 303-307.
- Olivera, Julio H G, 1970. "On Passive Money," Journal of Political Economy, University of Chicago Press, vol. 78(4), pages 805-814, Part II J.
- Newey, Whitney & West, Kenneth, 2014.
"A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix,"
Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 33(1), pages 125-132.
- Newey, Whitney K & West, Kenneth D, 1987. "A Simple, Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix," Econometrica, Econometric Society, vol. 55(3), pages 703-708, May.
- Whitney K. Newey & Kenneth D. West, 1986. "A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix," NBER Technical Working Papers 0055, National Bureau of Economic Research, Inc.
- Fisher, Mark E & Seater, John J, 1993. "Long-Run Neutrality and Superneutrality in an ARIMA Framework," American Economic Review, American Economic Association, vol. 83(3), pages 402-415, June.
- Holt, Charles C., 2004. "Forecasting seasonals and trends by exponentially weighted moving averages," International Journal of Forecasting, Elsevier, vol. 20(1), pages 5-10.
- Xiaohua Yu & David Abler, 2009. "The Demand for Food Quality in Rural China," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(1), pages 57-69.
- Stefan Meyer & Xiaohua Yu, 2013. "The impacts of production uncertainties on world food prices," China Agricultural Economic Review, Emerald Group Publishing Limited, vol. 5(4), pages 459-472, November.
- Sims, Christopher A., 2003. "Implications of rational inattention," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 665-690, April.
- Jeffrey A. Frankel, 1986. "Expectations and Commodity Price Dynamics: The Overshooting Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(2), pages 344-348.
- Abdul Qayyum, 2006.
"Money, Inflation, and Growth in Pakistan,"
The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 45(2), pages 203-212.
- Qayyum, Abdul, 2006. "Money, Inflation, and Growth in Pakistan," MPRA Paper 2055, University Library of Munich, Germany, revised 2006.
- Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Amritkant MISHRA & Ajit Kumar DASH & Amba AGARWAL, 2023. "Quest of dynamic linkages between monetary factors and food inflation in India," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(635), S), pages 199-210, Summer.
- Jinyang Cai & Yu Hong & Meifang Zhou & Ruifa Hu & Fengxiang Ding, 2023. "Farmer field school participation and exit decisions in hog production: A case study from Beijing," Agribusiness, John Wiley & Sons, Ltd., vol. 39(2), pages 549-563, March.
- Ginn, William & Pourroy, Marc, 2022.
"The contribution of food subsidy policy to monetary policy in India,"
Economic Modelling, Elsevier, vol. 113(C).
- William Ginn & Marc Pourroy, 2022. "The Contribution of Food Subsidy Policy to Monetary Policy in India," Post-Print hal-02944209, HAL.
- Jiawu Dai & Liurui Deng & Lan Yang, 2021. "Testing the absorber hypothesis of exchange rates for the overshooting of agricultural prices in China," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 67(8), pages 327-336.
- William Ginn & Marc Pourroy, 2022. "The Contribution of Food Subsidy Policy to Monetary Policy in India," Working Papers hal-02944209, HAL.
- Asharani Samal & Mallesh Ummalla & Phanindra Goyari, 2022. "The impact of macroeconomic factors on food price inflation: an evidence from India," Future Business Journal, Springer, vol. 8(1), pages 1-14, December.
- Liwen Ling & Dabin Zhang & Shanying Chen & Amin W. Mugera, 2020. "Can online search data improve the forecast accuracy of pork price in China?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 39(4), pages 671-686, July.
- Okimoto, Madoka, 2015. "International price competition among food industries: The role of income, population and biased consumer preference," Economic Modelling, Elsevier, vol. 47(C), pages 327-339.
- Chen, Li-Ju & Hu, Shih-Wen & Wang, Vey & Wen, Jiandong & Ye, Chusheng, 2014. "The effects of purchasing and price subsidy policies for agricultural products under target zones," Economic Modelling, Elsevier, vol. 43(C), pages 439-447.
- Tan, Ying & Sha, Wenbiao & Paudel, Krishna, 2017. "The Impact of Monetary Policy on Agricultural Price Index in China: A FAVAR Approach," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 252676, Southern Agricultural Economics Association.
- Chen, Yuquan & Yu, Xiaohua, 2018. "Does the centralized slaughtering policy create market power for pork industry in China?," China Economic Review, Elsevier, vol. 50(C), pages 59-71.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Saghaian, Sayed H. & Reed, Michael R., 2014.
"The Impact Of The Recent Federal Reserve Large-Scale Asset Purchases On The Agricultural Commodity Prices: A Historical Decomposition,"
International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 2(2), pages 1-16, April.
- Saghaian, Sayed & Reed, Michael R., 2014. "The Impact Of The Recent Federal Reserve Large-Scale Asset Purchases On The Agricultural Commodity Prices: A Historical Decomposition," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170010, Agricultural and Applied Economics Association.
- Saghaian, Sayed & Reed, Michael, 2015. "Spillover Effects Of U.S. Federal Reserve’S Recent Quantitative Easing On Canadian Commodity Prices," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 3(1), pages 1-33, January.
- Jiawu Dai & Liurui Deng & Lan Yang, 2021. "Testing the absorber hypothesis of exchange rates for the overshooting of agricultural prices in China," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 67(8), pages 327-336.
- Bakucs, Lajos Zoltan & Ferto, Imre, 2005. "The Influence of Macroeconomic Variables on the Hungarian Agriculture," 2005 Annual meeting, July 24-27, Providence, RI 19232, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Tan, Ying & Sha, Wenbiao & Paudel, Krishna, 2017. "The Impact of Monetary Policy on Agricultural Price Index in China: A FAVAR Approach," 2017 Annual Meeting, February 4-7, 2017, Mobile, Alabama 252676, Southern Agricultural Economics Association.
- Bakucs, Lajos Zoltan & Ferto, Imre, 2005. "Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24711, European Association of Agricultural Economists.
- Mahdi Asgari & Sayed H. Saghaian & Michael R. Reed, 2020. "The Impact of Energy Sector on Overshooting of Agricultural Prices," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(2), pages 589-606, March.
- Gary L. Shelley & Frederick H. Wallace, 2004. "Testing for Long Run Neutrality of Money in Mexico," Macroeconomics 0402003, University Library of Munich, Germany.
- Frederick H. Wallace & Gary L. Shelley, 2004. "Long Run Neutrality and Superneutrality of Money: Aggregate and Sectoral Tests for Nicaragua," Macroeconomics 0402004, University Library of Munich, Germany.
- Gbaguidi, David, 2012. "La courbe de Phillips : temps d’arbitrage et/ou arbitrage de temps," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(1), pages 87-119, mars.
- Koo, Won W. & Cho, Guedae & Kim, MinKyoung, 2005. "Macro Effects on Agricultural Prices in Different Time Horizons," 2005 Annual meeting, July 24-27, Providence, RI 19349, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
- Váry, Miklós, 2021. "The long-run real effects of monetary shocks: Lessons from a hybrid post-Keynesian-DSGE-agent-based menu cost model," Economic Modelling, Elsevier, vol. 105(C).
- Lai, Ching-Chong & Hu, Shih-Wen & Fan, Chih-Ping, 2005. "The Overshooting Hypothesis of Agricultural Prices: The Role of Asset Substitutability," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(1), pages 1-23, April.
- Bakucs, Lajos Zoltan & Bojnec, Stefan & Ferto, Imre, 2006.
"Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy: The Case of Slovenia,"
2006 Annual Meeting, August 12-18, 2006, Queensland, Australia
25515, International Association of Agricultural Economists.
- Bakucs, Lajos Zoltan & Bojnec, Stefan & Ferto, Imre, 2007. "Monetary Impacts and Overshooting of Agricultural Prices in a Transition Economy: The Case of Slovenia," 103rd Seminar, April 23-25, 2007, Barcelona, Spain 9422, European Association of Agricultural Economists.
- Vardges Hovhannisyan & Aleksan Shanoyan, 2020. "An Empirical Analysis of the Welfare Consequences of Rising Food Prices in Urban China: The Easi Approach," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 42(4), pages 796-814, December.
- Hovhannisyan, Vardges & Shanoyan, Aleksan, 2018. "An Empirical Analysis Of Welfare Consequences Of Rising Food Prices In Urban China: The Easi Approach," 2018 Annual Meeting, August 5-7, Washington, D.C. 273987, Agricultural and Applied Economics Association.
- Khalid Mushtaq & Abdul Ghafoor & Abedullah & Farhan Ahmad, 2011. "Impact of Monetary and Macroeconomic Factors on Wheat Prices in Pakistan: Implications for Food Security," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(1), pages 95-110, Jan-Jun.
- Md Rafayet Alam & Scott Gilbert, 2017. "Monetary policy shocks and the dynamics of agricultural commodity prices: evidence from structural and factor†augmented VAR analyses," Agricultural Economics, International Association of Agricultural Economists, vol. 48(1), pages 15-27, January.
- Kim, Jihae & Kim, Soyoung, 2021. "Monetary policy shocks and delayed overshooting in farm prices and exchange rates," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 620-628.
- Oleksiy Kryvtsov, 2005.
"Information Flows and Aggregate Persistence,"
Computing in Economics and Finance 2005
416, Society for Computational Economics.
- Oleksiy Kryvtsov, 2007. "Information Flows and Aggregate Persistence," 2007 Meeting Papers 708, Society for Economic Dynamics.
- Oleksiy Kryvtsov, 2009. "Information Flows and Aggregate Persistence," Staff Working Papers 09-11, Bank of Canada.
More about this item
Keywords
Money easing policy; Food price; Long-run; China;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecmode:v:40:y:2014:i:c:p:175-183. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30411 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.