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Overshooting of Agricultural Prices In Four Asian Economies

Опубликовано на портале: 24-11-2003
Journal of Agricultural and Applied Economics. 2001.  Vol. 34. No. 1. P. 95-109. 
This article examines the impacts of monetary policy on agricultural prices in four Asian economies using time series analysis and graph theory. The estimations clearly show that agricultural prices overshoot their long-run equilibrium values for Korea, Philippines, and Thailand, and the overshooting for agricultural prices is larger than for manufactured prices. Impulse-response functions and variance-decomposition analysis based on directed graphs and causal structures highlight the complex interplay among the variables in the model and how those relationships differ by country. Money supply changes clearly affect real variables and relative prices for all countries either through overshooting or non-neutrality of money.

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