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U.S. Money Supply and the Exchange Rate: Long-Run Effects on the World Feedgrain Market

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  • M.S. Mark Denbaly
  • Gary W. Williams

Abstract

The strength of the linkage between the U.S. money supply and U.S. feedgrain prices and exports over the long run depends on the responsiveness of exchange rates to money supply changes and of feedgrain markets to exchange rate changes. The link between the U.S. money supply and exchange rates is empirically weak. Moreover, U.S. feedgrain prices and exports respond little to exchange rate changes because of a relatively high U.S. export supply price elasticity and a low price responsiveness of highly protected foreign markets. Thus, money supply changes may have only a limited effect on the U.S. feedgrain market.

Suggested Citation

  • M.S. Mark Denbaly & Gary W. Williams, 1988. "U.S. Money Supply and the Exchange Rate: Long-Run Effects on the World Feedgrain Market," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 10(1), pages 49-62.
    • Handle: RePEc:oup:revage:v:10:y:1988:i:1:p:49-62.
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    File URL: http://hdl.handle.net/10.1093/ajae/10.1.49
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    Cited by:

    1. Awad, Taleb Mohammad, 1987. "International monetary and exchange rate policies and world agricultural markets: the case of soybeans and soybean products," ISU General Staff Papers 198701010800009611, Iowa State University, Department of Economics.

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