Hausman, Joshua; Rhode, Paul W.; Wieland, Johannes - 2022
decline. Crop prices collapsed, reducing farmers' incomes. And across U.S. states and Ohio counties, auto sales fell most in … crop-growing areas. The large spending response may be explained by farmers' indebtedness. Reasonable assumptions about the … marginal propensity to spend of farmers relative to nonfarmers and the pass-through of farm prices to retail prices imply that …
