How sensitive is U.S. agricultural trade to the bilateral exchange rate? Evidence from bulk, intermediate, and consumer-oriented products
研究了美国与十大贸易伙伴间三类农产品（大宗、中间、消费导向型）的贸易对双边汇率变动的短期和长期反应，发现消费导向型产品出口高度敏感，而大宗产品相对不敏感。
This article examines the dynamic effects of changes in bilateral exchange rates on changes in bilateral trade of bulk, intermediate, and consumer-oriented agricultural products between the United States and its 10 major trading partners. We find that, for consumer-oriented products, U.S. exports are highly sensitive to bilateral exchange rates in both the short and long run, while U.S. imports are mostly responsive only in the short run. For bulk products, on the other hand, U.S. exports and imports are relatively insensitive to exchange rate changes in both the short and long run. For intermediate products, exports and imports are responsive to exchange rate changes in the short run, but not in the long run. It is also found that income of the United States and its trading partners has a significant effect on U.S. exports and imports of the three types of agricultural products in both the short and long run.