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The 1973 Food Price Inflation
Author(s) -
Eckstein Albert,
Heien Dale
Publication year - 1978
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1240047
Subject(s) - economics , devaluation , inflation (cosmology) , liberian dollar , monetary economics , order (exchange) , food prices , incomes policy , econometric model , macroeconomics , price level , international economics , food security , agriculture , exchange rate , econometrics , finance , ecology , physics , theoretical physics , biology
This study analyzes the major causes of the food price inflation of 1973. In the approximate order of their importance, those causes were found to be domestic monetary policy, government acreage restrictions, the Soviet grain deal, world economic conditions, devaluation of the dollar, and price freeze II. Econometric models of the livestock and feed grains and meal economies were used to decompose the price increase into the various causes given above. The study also details and analyzes events and policy actions taken during the 1971–74 period.