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The macroeconomic effects of agricultural shocks are investigated. A decline in the price of agricultural exports can cause an income shock to the household, locality, and the nation. Positive price shocks may cause a temporary increase in the demand for financial assets. Output shocks, represented as variations in national agricultural value-added, did not affect output in other sectors of the economy.
Keywords: agricultural shock; price shock; output shock; macroeconomic effects; insurance
Chapter. 7757 words.
Subjects: Economic Development and Growth
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