Agricultural Symposium Research
The Federal Reserve Bank of Kansas City made the difficult decision to cancel the 2020 Agricultural Symposium titled "The Roots of Agricultural Productivity Growth," due to the pandemic. Esther L. George, the Bank's President and Chief Executive Officer notes that the topic of productivity growth, and the following papers that were written in anticipation of the 2020 symposium, remain relevant.
For many years, investments in research and development have supported gains in agricultural productivity. These investments, which have slowed in more recent years, will be key determinants to future increases in productivity and technological innovation.
Interacting with the Next Wave of Farm Operators: Digital Agriculture and Potential Financial ImplicationsBy Terry W. Griffin, LaVona S. Traywick and Elizabeth A. Yeager
The adoption and use of technology presents the agricultural sector an opportunity to improve productivity in the future. The use of technology has tended to differ across generations, however, which could have long-term implications for farm profitability and productivity as younger, technology-minded operators become a more prominent group of primary decision-makers.
Changes to productivity on the farm could have implications for productivity in other segments of the economy. Identifying these productivity linkages can help reveal synergies between agriculture and other industries in an effort to promote economic growth or to dampen negative spillovers that may also occur.
Environmental factors are important contributors to the future outlook for agricultural productivity. Two factors that are likely to be especially important over the long-term include extreme heat and ozone pollution.