Aggregate Sources of Relative Price Variability Among Agricultural Commodities
研究了1962至1987年间47种农产品相对价格波动，发现实际和未预期通胀率越高，价格波动越大；宏观经济不稳定会加剧农业市场的不确定性。
Abstract A measure of relative price variability among forty‐seven agricultural commodities is developed for the period 1962 to 1987. Econometric models are used to explore the effects of macroeconomic instability on relative price variability within the agricultural sector. The results show that these relative prices are more variable when actual and unanticipated inflation rates are higher. They may also be more variable during periods when real shocks to the macroeconomy are relatively large. Thus, monetary and fiscal events are not neutral with respect to the agricultural sector because macroeconomic instability appears to create instability and increased uncertainty in agricultural markets.