Monetary Shocks and Relative Farm Prices: A Re-examination

Alan Isaac and David E. Rapach

American Journal of Agricultural Economics, 1997, vol. 79, issue 4, 1332-1339

Abstract: The effect of monetary policy on the farm sector remains controversial. Studies of the effects of monetary disturbances on relative farm prices report conflicting results: some find that positive monetary shocks increase relative farm prices in the short run, and others detect no such effect. We offer a resolution of these conflicting findings by reestimating existing models on a common data set. When sample periods corresponding to the original studies are used, the conflicting results are confirmed. In contrast, when samples are updated through 1993, all models supply the same result: monetary shocks do not affect relative farm prices. Copyright 1997, Oxford University Press.

Date: 1997
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