Agriculture and the Business Cycle in a Natural Rate Model

David H. Gillette

Review of Agricultural Economics, 1993, vol. 15, issue 2, 279-293

Abstract: Many studies generate the impression that agriculture in the United States behaves procyclically with respect to monetary policy. In this paper, a macroeconomic model is presented in which agriculture can be either pro-, counter-, or acyclical. It includes two internationally traded goods, a non-internationally traded good, nominal wage rigidities, and a money market. These features allow exploration of the hypothesis that a positive aggregate demand disturbance that causes an expansion in real U.S. economic activity might simultaneously cause a decline in the real value of agricultural output.

Date: 1993
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