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Unanticipated Money Growth And Livestock Supply Decisions

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  • Azzam, Azzeddine
  • Pagaoulatos, Emilio

Abstract

In this paper we follow Enders and Falks' approach for testing the hyPothesis that only unanticipated monetary policy affects real supply decisions in the U.S. livestock sector. Our empirical results indicate that their conclusions are not invariant to model specification or sample size. Utilizing Barro's procedure and by better accounting for the appropriate biological lags in livestock supply, we obtain only scant support for the money neutrality hypothesis.

Suggested Citation

  • Azzam, Azzeddine & Pagaoulatos, Emilio, 1985. "Unanticipated Money Growth And Livestock Supply Decisions," 1985 Annual Meeting, August 4-7, Ames, Iowa 278584, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea85:278584
    DOI: 10.22004/ag.econ.278584
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    References listed on IDEAS

    as
    1. Barro, Robert J, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 549-580, August.
    2. Mishkin, Frederic S, 1982. "Does Anticipated Monetary Policy Matter? An Econometric Investigation," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 22-51, February.
    3. Robert J. Barro & Mark Rush, 1980. "Unanticipated Money and Economic Activity," NBER Chapters, in: Rational Expectations and Economic Policy, pages 23-73, National Bureau of Economic Research, Inc.
    4. Enders, Walter & Falk, Barry, 1984. "A Microeconomic Test of Money Neutrality," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 666-669, November.
    5. Mishkin, Frederic S, 1982. "Does Anticipated Aggregate Demand Policy Matter? Further Econometric Results," American Economic Review, American Economic Association, vol. 72(4), pages 788-802, September.
    6. Stanley Fischer, 1980. "Rational Expectations and Economic Policy," NBER Books, National Bureau of Economic Research, Inc, number fisc80-1.
    Full references (including those not matched with items on IDEAS)

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