Skip to main content Accessibility help

Macroeconomic Factors and the Thoroughbred Industry

  • Peter Karungu (a1) (a2), Michael Reed (a1) and Douglas Tvedt (a1)


A capitalization approach is used to estimate econometrically the effects of exchange rate, interest rate and tax law changes on thoroughbred yearling prices. The analysis found that exchange rate and tax law changes have significantly influenced yearling prices since the early 1980s. Another serious price-reducing event was the 1986 tax law change. Both of these factors have counteracted the positive impact of increased purse rates on yearling prices.



Hide All
Bessler, David A.Relative Prices and Money: A Vector Autoregression on Brazilian Data.Amer. J. Agr. Econ. 66(1984):2530.
Chambers, Robert G.Agricultural and Financial Market Interdependence in the Short-Run.Amer. J. Agr. Econ. 6(1984): 1224.
Chambers, Robert G., and Richard Just, E.. “Effects of Exchange Rate Changes on U.S. Agriculture: A Dynamic Analysis.Amer. J. Agr. Econ. 63(1980): 3246.
Devados, S., and Meyers, William H.Relative Prices and Money: Further Results of the United States.Amer. J. Agr. Econ. 6(1984): 838–42.
Johnson, Paul R., Grennes, Thomas, and Thursby, MarieDevaluation Foreign Trade Controls and Domestic Wheat Prices.Amer. J. Agr. Econ. 59(1977): 619–27.
Kost, WilliamEffects of Exchange Rate on Agricultural Trade.Agr. Econ. Res. 28(1976): 99106.
Lawrence, Robert G.All About Purses. “The Thoroughbred Record. Aug. 1989, pp.886-889
Longmire, J., and Morey, A.Strong Dollar Dampens Demand for U.S. Farm Exports.” Foreign Agricultural Economics Report No. 193, Economic Research Service, United States Department of Agriculture, Washington D.C. (1983).
Newberry, James H. Jr., Legal Aspects of Horse Farm Operations, University of Kentucky College of Law, Continuing Legal Education Monograph Series. 1990.
Orden, David.Agriculture, Trade, and Macroeconomics: The U.S. Case.Journal of Policy Modelling 8 (1986): 2751.
Schuh, Edward G., “The Exchange Rate and U.S. Agriculture.Amer. J. Agr. Econ. 56 (1974): 113.
The Blood-Horse: A Weekly Publication of the Thoroughbred Owners and Breeders Association, Lexington, KY.: Blood-Horse, Inc., various issues.
Thoroughbred Times, Lexington, Ky: Thoroughbred Publications, January 1990.



Full text views

Total number of HTML views: 0
Total number of PDF views: 0 *
Loading metrics...

Abstract views

Total abstract views: 0 *
Loading metrics...

* Views captured on Cambridge Core between <date>. This data will be updated every 24 hours.

Usage data cannot currently be displayed