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Adjustment costs and international trade dynamics

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  • Gagnon, Joseph E.

Abstract

This paper develops a model of trader behavior that is characterized by quadra is adjustment costs, imperfect competition, and rational expectations. The model is fitted to data on aggregate trade flows between the United States and three of its largest trading partners. Tests against alternative specifications confirm the importance of imperfect competition and adjustment costs. The hypothesis of rational expectations cannot be rejected. The estimated price elasticities of trade flows are generally in the range reported by previous researchers, but the activity elasticities are significantly higher.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of International Economics.

Volume (Year): 26 (1989)
Issue (Month): 3-4 (May)
Pages: 327-344

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Handle: RePEc:eee:inecon:v:26:y:1989:i:3-4:p:327-344

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Web page: http://www.elsevier.com/locate/inca/505552

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  1. Edison, Hali J. & Marquez, Jaime R. & Tryon, Ralph W., 1987. "The structure and properties of the Federal Reserve Board Multicountry Model," Economic Modelling, Elsevier, vol. 4(2), pages 115-315, April.
  2. Tryphon E. Kollintzas & Steven L Husted, 1983. "Distributed Lags and Intermediate Good Imports," Discussion Papers 552, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Hansen, Lars Peter & Sargent, Thomas J., 1980. "Formulating and estimating dynamic linear rational expectations models," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 7-46, May.
  4. Kravis, Irving B. & Lipsey, Robert E., 1978. "Price behavior in the light of balance of payments theories," Journal of International Economics, Elsevier, vol. 8(2), pages 193-246, May.
  5. Sargent, Thomas J, 1978. "Estimation of Dynamic Labor Demand Schedules under Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 1009-44, December.
  6. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
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