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Abstract

The 1971 and 1973 official devaluations of the U.S. dollar have often been cited as a pivotal cause for the enormous price rises in agricultural products in 1972 and 1973. This article presents two studies that test the hypothesis that exchange rate changes have a significant effect on the demand for U.S. agricultural exports. The first is a cross-sectional study of the demand for U.S. agricultural exports by major U.S. trading partners in 1971-73. The second looks at the exchange rate changes of other countries and their demand for five agricultural commodities imported from the United States as well as the world during 1954-69. Both studies support the thesis that the special circumstances present in the agricultural sector negate the effects of exchange rate changes on the demand for U.S. agricultural exports.

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