Overview
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Developments in the macroeconomy have inevitable consequences
for agriculture. Key factors linking agriculture to the U.S. and
global macroeconomy are exchange rates, international trade,
foreign and domestic income, employment, interest rates, and energy
costs. International and domestic macroeconomic shocks can cause
major changes in the values of these indicators, resulting in
changes in a country's agricultural prices, production,
consumption, and trade.
ERS work covers research and analysis on the effects of
macroeconomic conditions on U.S. and international agriculture,
including impacts of the recent economic crisis and the factors in
commodity price increases. ERS provides data sets on exchange rates
and on macroeconomic indicators for a number of countries, and
takes a lead role in preparing USDA's 10-year baseline projections
on major agricultural commodities in the United States and selected
countries.