An Investigation of the Role of Exchange Rates on U.S. Exports of Selected Agricultural Products: 1968-1983
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An· econometric partial equilibrium trade model of the U.S. corn,
wheat, soybean, cotton, and tobacco market is developed for the yearly
periods 1968-1983. The effect of real exchange rates, real price, and
demand factors on the exports of each commodity is examined to test the
hypothesis that monetary factors can affect the agricultural sector. An
examination of the elasticities of real price, real exchange rate, and
real income indicate that an extremely inelastic response to both price
movements and exchange rate adjustments. Foreign buying power is the
strongest explanatory variable. An exchange rate linkage with the agricultural
sector is not proven.