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An· econometric partial equilibrium trade model of the U.S. corn, wheat, soybean, cotton, and tobacco market is developed for the yearly periods 1968-1983. The effect of real exchange rates, real price, and demand factors on the exports of each commodity is examined to test the hypothesis that monetary factors can affect the agricultural sector. An examination of the elasticities of real price, real exchange rate, and real income indicate that an extremely inelastic response to both price movements and exchange rate adjustments. Foreign buying power is the strongest explanatory variable. An exchange rate linkage with the agricultural sector is not proven.


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