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Discussion: Revisiting Macroeconomic Linkages to Agriculture: The Impact of Macroeconomic Variables and the Oil Sector on Farm Prices and Income

Published online by Cambridge University Press:  26 January 2015

John B. Penson Jr.
John B. Penson Jr.*
Affiliation:
Department of Agricultural Economics, Texas A&M University, College Station, Texas
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Abstract

Periodically, events occur in the domestic and global economies that remind agricultural economists that macroeconomics matter. This was evident in the early 1980s when the Federal Reserve responded to double-digit inflation by driving interest rates to post-World War II period highs. The Asian financial crisis in the late 1990s, rising oil prices this past decade, and current stress in domestic and overseas financial markets serve to remind us again that externalities can have an effect on the economic performance and financial strength of U.S. agriculture. These effects are transmitted through interest rates, inflation, unemployment, real gross domestic product, and exchange rates.

Keywords

macroeconomicslinkagesnet farm incomeexchange ratesinterest ratesreal GDPE31E44Q41Q43
Type
Invited Paper Sessions
Information
Journal of Agricultural and Applied Economics , Volume 42 , Issue 3 , August 2010 , pp. 487 - 490
Copyright
Copyright © Southern Agricultural Economics Association 2010

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