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The aim of this article is to explain the phenomenon of the periodicity of fluctuations in agricultural land prices in Poland. The study has covered changes in the nominal prices of agricultural land, as well as the structure of prices in agriculture, based on selected indices. A theoretical basis for the conducted empirical study is the Austrian theory of the business cycle. According to the conducted study, the prices of land in Poland in the years 1998-2012 increased much more rapidly in a good economy than in the periods of economic recession and stagnation. In different stages of the business cycle the structure of prices varies. Agricultural land prices changed in a way that is characteristic of capital goods: they were subject to more pronounced fluctuations than the prices of consumer goods. [ABSTRACT FROM AUTHOR]