THE IMPACT OF DOMESTIC AND FOREIGN MACROECONOMIC VARIABLES ON U.S. MEAT EXPORTS
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This paper examines the impact of domestic and foreign macroeconomic variables on U.S. meat exports, including beef, pork, turkey, and chicken, in the context of an open economy. The results show that foreign macroeconomic variables exert more significant and persistent effects on U.S. meat exports than domestic macroeconomic variables. The implication is that the U.S. can increase its meat exports more effectively by expending efforts on international macroeconomic policy coordination rather than on domestic sectoral policy. The results also suggest that macroeconomic models of the agricultural sector should include foreign variables and should not be limited only to domestic ones.