Big 5 Macroeconomic variables - Texas A&M University
Big 5 Macroeconomic variables
There are essentially five major avenues through which events in the general economy affect outcomes in agriculture. These are:
1. Rate of inflation – affects prices for farm inputs in the short run and interest rates over the longer run
2. Rates of interest – affects farm interest expenses and farm land values
3. Rate of unemployment – affects off-farm income of farm operator families, an important source of internal equity capital for many farmers and ranchers
4. Rate of growth in GDP – affects the domestic demand for agricultural products (see income elasticity of demand)
5. Rate of foreign exchange – affects the value of the dollar relative to client nation currencies and hence the export demand for agricultural products
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HO #18
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