Abstract
AbstractEmpirical evidence presented in this study indicates that the results of causality tests of U.S. agricultural prices and the money supply are sensitive to the lag selection. Relying on the minimum final prediction error causality testing technique, a unidirectional causal flow is established from the monetary base to retail level agricultural prices. No such flow is found to exist from M2 to retail agricultural prices. When farm‐level agricultural prices are investigated, no causal flow exists from any of the measures of the money supply to farm prices.
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