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Linear Rational Expectations Equilibrium Laws of Motion for Selected U.S. Raw Material Imports

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Author Info
Husted, Steven
Kollintzas, Tryphon

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Abstract

In this paper, the authors develop and estimate time-series models of the rational-expectations equilibrium laws of m otion for several U.S. commodity imports: bauxite, cocoa, coffee, and petroleum. The theoretical model is based upon the optimizing behavi or of firms that import in the presence of supply shocks, delivery la gs, and adjustment and inventory holding costs. One of the important features of the empirical model is that the authors are able to estim ate elasticities that distinguish between responses to changes in the environment that importers expect to be relatively temporary versus relatively permanent. Copyright 1987 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Publisher Info
Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 28 (1987)
Issue (Month): 3 (October)
Pages: 651-70
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Handle: RePEc:ier:iecrev:v:28:y:1987:i:3:p:651-70

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  1. Kleibergen, Frank & Urbain, Jean-Pierre & Dijk, Herman K. van, 1996. "Oil price shocks and long run price and import demand behavior," Econometric Institute Report 44, Erasmus University Rotterdam, Econometric Institute. [Downloadable!]
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  2. Brad R. Humphreys & Louis J. Maccini & Scott Schuh, 1997. "Input and output inventories," Working Papers 97-7, Federal Reserve Bank of Boston. [Downloadable!]
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  3. Croix,David,de la & Urbain,Jean-Pierre, 1996. "Intertemporal substitution in import demand and habit formation ," Research Memoranda 003, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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  4. Beetsma,Roel M.W.J. & Bovenberg,A. Lans, 1996. "Designing fiscal and monetary institutions for a European Monetary Union," Research Memoranda 004, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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  5. Matteo Iacoviello & Fabio Schiantarelli & Scott Schuh, 2007. "Input and output inventories in general equilibrium," Working Papers 07-16, Federal Reserve Bank of Boston. [Downloadable!]
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