Periodically, events occur in the domestic and global economies that remind agricultural economists that macroeconomics matter. This was evident in the early 1980s when the Federal Reserve responded to double-digit inflation by driving interest rates to post–World War II period highs. The...

Minimum wage legislation which results in higher avcrage wage rates for farm laborers would affect the assct stmcture and income flows of farm operators. A simulation model of financial struchlre of thc farm sector is uscd to show that highcr wage rates would result in inereased nonreal estate...