Monetary Shocks and Relative Farm Prices: A Re‐examination
重新估计了已有模型，发现样本期不同会导致货币冲击对相对农产品价格的影响结论相反；更新至1993年的数据表明，货币冲击无影响。
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.