Agricultural Value Added, Farm Business Cycles and Their Relation to the Non-Farm Economy †.

This paper investigates the relationship between the gross value added (GVA) of Greece's agricultural sector and the GVAs of the other sectors. The research considers both the relationship between value levels and the cycles of GVAs. Dynamic analysis using ARDL modeling shows that there is no cointegration between agricultural GVA and the other GVAs. However, there is an estimated cointegrating relationship between business cycles of agriculture and those of the rest of the economic sectors, with the cycles of services being the significant variable. Moreover, econometric analysis using NARDL modeling shows that there is a cointegrating relationship between the levels of GVAs as well, when asymmetricity—with respect to GVA changes of the services sector—is introduced. [ABSTRACT FROM AUTHOR]