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Abstract

Many of the operational macroeconomic models examined either ignore or treat the agricultural sector as exogenous When the sector is treated as endogenous, it is most likely structurally misspecified and/or too small to provide much information about agriculture Given the increased awareness about economic interdependence among sectors, the importance of agriculture, the growing demand for more detailed forecasts, and the growing elaboration of econometric models, both agricultural economists and macroeconomists should direct more attention to making agricultural sectors of macroeconomic models endogenous

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