search query: @indexterm IMPORTS / total: 377
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| Author: | Marquez, J. |
| Title: | The econometrics of elasticities or the elasticity of econometrics: an empirical analysis of the behavior of U.S. imports |
| Journal: | Review of Economics and Statistics
1994 : AUG, VOL. 76:3, p. 471-481 |
| Index terms: | USA ECONOMETRICS IMPORTS |
| Language: | eng |
| Abstract: | Fifty years of econometric modeling of U.S. import demand assumes that trade elasticities are autonomous parameters, that both cross-price effects and simultaneity biases are absent, and that expenditures on domestic and foreign goods can be studied independently of each other. To relax these assumptions, the paper assembles a simultaneous model explaining bilateral U.S. import volume and prices. Spending behaves according to the Rotterdam model, which, by design , embodies all the properties of utility maximization and does not treat trade elasticities as autonomous parameters. |
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