ABSTRACT
During the 1970s the United States experienced dramatic increases in the value of its agricultural exports. In an influential 1974 paper, Schuh argued that devaluations in the U.S. dollar were largely responsible for the rapid growth of exports and high U.S. domestic prices of the early 1970s. His hypothesis attracted further attention among agricultural economists after a sharp appreciation in the dollar from 1979 through 1985 was accompanied by slumping U.S. exports of farm products. The strong dollar of the early 1980s came to be perceived by many economists and government officials as a "problem" for U.S. farmers. 1
