Recent Macroeconomic Dynamics and Agriculture in Historical Perspective

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.


Issue Date:
2010-08
Publication Type:
Journal Article
Record Identifier:
http://ageconsearch.umn.edu/record/92581
PURL Identifier:
http://purl.umn.edu/92581
Published in:
Journal of Agricultural and Applied Economics, Volume 42, Number 3
Page range:
467-476
Total Pages:
10
JEL Codes:
E52; F41; Q18




 Record created 2017-04-01, last modified 2018-01-22

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