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Causality of U.S. Agricultural Prices and the Money Supply: Further Empirical Evidence

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  • Peter J. Saunders

Abstract

Empirical evidence presented in this study indicates that the results of causality tests of U.S. agricultural prices and the money supply are sensitive to the lag selection. Relying on the minimum final prediction error causality testing technique, a unidirectional causal flow is established from the monetary base to retail level agricultural prices. No such flow is found to exist from M2 to retail agricultural prices. When farm-level agricultural prices are investigated, no causal flow exists from any of the measures of the money supply to farm prices.

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  • Peter J. Saunders, 1988. "Causality of U.S. Agricultural Prices and the Money Supply: Further Empirical Evidence," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 588-596.
    • Handle: RePEc:oup:ajagec:v:70:y:1988:i:3:p:588-596.
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    Citations

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    Cited by:

    1. Seale, James L., Jr. & Moss, Charles B., 1989. "The Overshooting Hypothesis: Are Agricultural Exports More Sensitive?," 1989 Annual Meeting, July 30-August 2, Baton Rouge, Louisiana 270704, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Acharya, Ram N. & Gentle, Paul F. & Mishra, Ashok K. & Paudel, Krishna P., 2008. "Examining The Crb Index As An Indicator For U.S. Inflation," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas 6760, Southern Agricultural Economics Association.
    3. Ardeni, Pier-Giorgio & Rausser, Gordon C., 1992. "Interactions among money, exchange rates, and commodity prices," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt8bg30713, Department of Agricultural & Resource Economics, UC Berkeley.
    4. Qing Pei & David D Zhang & Harry F Lee & Guodong Li, 2014. "Climate Change and Macro-Economic Cycles in Pre-Industrial Europe," PLOS ONE, Public Library of Science, vol. 9(2), pages 1-8, February.
    5. 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.
    6. Pei, Qing & Zhang, David D. & Li, Guodong & Winterhalder, Bruce & Lee, Harry F., 2015. "Epidemics in Ming and Qing China: Impacts of changes of climate and economic well-being," Social Science & Medicine, Elsevier, vol. 136, pages 73-80.
    7. Bernard, John C. & Willett, Lois Schertz, 1994. "The Impact of Lag Determination on Price Relationships in the U.S. Broiler Industry," Staff Papers 121315, Cornell University, Department of Applied Economics and Management.
    8. Peter J. Saunders & Basudeb Biswas, 1990. "The Money Stock, the Price Level and Real Output: A Trivariate Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 16(2), pages 145-150, Apr-Jun.
    9. Jia-Jan Lee, 2019. "The Study on the Correlation between Wholesale Price and Trading Volume in Taiwan Milkfish Market," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 7(2), pages 73-81, June.
    10. Bliska, Flávia Maria de Mello & Guilhoto, Joaquim José Martins, 2000. "Impactos de alterações nas exportações brasileiras de carnes sobre a economia brasileira [Impacts of changes in the Brazilian meat exports on the Brazilian economy]," MPRA Paper 54231, University Library of Munich, Germany.

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