The effects of real exchange rate depreciation on stochastic producer prices in low-income agriculture
研究了实际汇率贬值对低收入国家随机农业价格的影响，发现传统观点并不普遍成立，仅对两类商品有刺激作用，并用马达加斯加数据验证。
Abstract This paper considers the effects of real exchange rate depreciation on stochastic agricultural producer prices in low‐income agriculture. Conventional wisdom, that real depreciation achieved through nominal currency devaluation stimulates tradables production, does not universally hold in the presence of stochastic prices. In fact, real depreciation is only stimulative in two cases–importables that remain importable and nontradables that become exportable. GARCH estimation of time‐series price data on several commodities from Madagascar support the hypotheses generated by the analytical model.