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A monetary analysis of food price determination

A monetary analysis of food price determination

American journal of agricultural economics 65(1): 131-135

Previous studies of food prices have been based on theoretical models of the cost-push variety. An alternative theoretical treatment is presented which illustrates diagrammatically a necessary distinction between relative and nominal price changes. Further theoretical reasoning develops a relationship between changes in aggregate price indices and the rate of growth of the money stock. The empirical results suggest an almost one-to-one correspondence between the growth rates of the CPI for food and the nominal money stock. In contrast, for a 1960-1977 sample period, supply and demand shifters tend to reduce the rate of food price increases.

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Accession: 001038598

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DOI: 10.2307/1240348

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