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Understanding the evolution of trade deficits: trade elasticities of industrialized countries

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  • Leland Crane
  • Meredith Crowley
  • Saad Quayyum

Abstract

In this article, the authors present updated trade elasticities—measures of how much imports and exports change in response to income and price changes—for the U.S. and six other industrialized countries, collectively known as the Group of Seven. They find that the imports and exports of these countries are slightly more responsive to changes in a country’s total income over a period that ends in 2006, compared with a period that ends in 1994.

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Bibliographic Info

Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2007)
Issue (Month): Q IV ()
Pages: 2-17

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Handle: RePEc:fip:fedhep:y:2007:i:qiv:p:2-17:n:v.31no.4

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Related research

Keywords: Balance of trade ; Trade ; Exports;

References

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  1. Houthakker, Hendrik S & Magee, Stephen P, 1969. "Income and Price Elasticities in World Trade," The Review of Economics and Statistics, MIT Press, vol. 51(2), pages 111-25, May.
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Cited by:
  1. Willem Thorbecke, 2012. "The Contribution of the Yen Appreciation since 2007 to the Japanese Economic Debacle," Working Papers 2012-31, CEPII research center.
  2. Elisabeth Beusch & Barbara Döbeli & Andreas M. Fischer & Pinar Yesin, 2013. "Merchanting and current account balances," Globalization and Monetary Policy Institute Working Paper 140, Federal Reserve Bank of Dallas.
  3. Nie, Jun & Taylor, Lisa, 2013. "Economic growth in foreign regions and U.S. export growth," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 31-63.
  4. Matthieu Bussière & Alexander Chudik & Giulia Sestieri, 2012. "Modelling global trade flows: results from a GVAR model," Globalization and Monetary Policy Institute Working Paper 119, Federal Reserve Bank of Dallas.
  5. Willem Thorbecke & Atsuyuki Kato, 2011. "The Effect of Exchange Rate Changes on Japanese Consumption Exports," Macroeconomics Working Papers 23238, East Asian Bureau of Economic Research.
  6. Meredith A. Crowley & Xi Luo, 2011. "Understanding the great trade collapse of 2008–09 and the subsequent trade recovery," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 44-68.
  7. Bosworth, Barry & Collins, Susan M., 2010. "Rebalancing the US Economy in a Postcrisis World," ADBI Working Papers 236, Asian Development Bank Institute.
  8. Kamath, Kishore & Paul, Varun, 2011. "Understanding recent developments in UK external trade," Bank of England Quarterly Bulletin, Bank of England, vol. 51(4), pages 294-304.

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