Effects of Exchange Rate Changes on U.S. Agriculture: A Dynamic Analysis
通过小麦、玉米和大豆市场的计量模型，分析汇率波动对美国农产品出口和价格的动态影响，发现短期调整剧烈而长期调整温和，对关注汇率与农业关系的学者有参考价值。
Abstract An econometric model of the wheat, corn, and soybean markets is used to examine the dynamic effects of exchange rate fluctuation on U.S. commodity markets. Exports and agricultural prices are found to be sensitive to movements in the exchange rate, while domestic factors, such as disappearance and inventories, are less sensitive but still responsive. Dramatic short‐run adjustments in prices and exports are followed by less dramatic but significant longer‐run adjustments. Thus, the hypothesis of elastic response to the exchange rate seems particularly relevant for the short run.