Time series estimates can provide an accurate picture of past behavioral relations, but they are not an adequate basis for forecasting the impact of policy reform. They typically generate a downward-biased estimate of the response to a credible reform.Schiff and Montenegro review several studies...

This paper surveys the literature on the interaction between agriculture and the macroeconomy in both industrial and developing countries, identifying what the authors believe to represent its most significant contributions and shortcomings.Based on an economy-wide perspective, this paper begins...