Abstract
A seven-variable macroeconomic-agricultural VAR was used to test the overshooting hypothesis for agriculture, specifically that growth in agricultural exports are more sensitive to changes in monetary variables such as the money supply and exchange rates. No significant effects from macroeconomic variables were found to growth in either agricultural or nonagricultural exports . The effects that were found suggests that, if anything, growth in nonagricultural exports overshoot relative to growth in agricultural exports.
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