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A Symmetric Normalized Quadratic GNP Function and the U.S. Demand for Imports and Supply of Exports

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  • Kohli, Ulrich
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    Abstract

    This paper reports estimates of a GNP function for the United States using data covering most of the postwar period and it introduces a new functional form, the symmetric normalized quadra tic variable profit function, which is a natural extension of recent wor k by W. E. Diewert and T. J. Wales. This functional form allows convexity in prices and concavity in fixed inputs to be imposed globally. Empirical resu lts indicate that the demand for imports is less price elastic than the supply exports, that an increase in labor endowment favors trade, an d that a deterioration of the terms of trade mostly hurts labor. Copyright 1993 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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    Bibliographic 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): 34 (1993)
    Issue (Month): 1 (February)
    Pages: 243-55

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    Handle: RePEc:ier:iecrev:v:34:y:1993:i:1:p:243-55

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    Cited by:
    1. Kevin J Fox, 2005. "Returns to Scale, Technical Progress and Total Factor Productivity Growth in New Zealand Industries," Treasury Working Paper Series 05/04, New Zealand Treasury.
    2. Polman, Nico B.P. & Peerlings, Jack H.M., 2002. "The Role of Transaction Costs and Bargaining Power in Wildlife and Landscape Services Production: A Micro-Econometric Model for Dutch Dairy Farms," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24948, European Association of Agricultural Economists.
    3. Guy Chapda Nana & Bruno Larue, 2012. "Imposing Curvature Conditions on Flexible Functional Forms for GNP Functions," Cahiers de recherche CREATE 2012-5, CREATE.
    4. Jacinto F. Fabiosa & Helen H. Jensen & Dong Yan, 2004. "Output Supply and Input Demand System of Commercial and Backyard Poultry Producers in Indonesia," Food and Agricultural Policy Research Institute (FAPRI) Publications 04-wp363, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
    5. Gokhan Akay & Can Dogan, 2013. "The effect of labor supply changes on output: empirical evidence from US industries," Journal of Productivity Analysis, Springer, vol. 39(2), pages 123-130, April.
    6. Henningsen, Arne & Glauben, Thomas & Henning, Christian H.C.A., 2003. "Farm Household Decisions Under Various Tax Policies: Comparative Static Results And Evidence From Household Data," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25889, International Association of Agricultural Economists.
    7. Diewert, W. E. & Wales, T. J., 1995. "Flexible functional forms and tests of homogeneous separability," Journal of Econometrics, Elsevier, vol. 67(2), pages 259-302, June.
    8. Truett, Lila J. & Truett, Dale B., 1998. "The demand for imports in Korea: a production analysis approach," Journal of Development Economics, Elsevier, vol. 56(1), pages 97-114, June.
    9. Yijian He & Subhash C. Sharma, 1995. "The Morishima Elasticity of Substitution for the Profit Function," Microeconomics 9502002, EconWPA, revised 17 Feb 1995.
    10. Pierani, Pierpaolo & Rizzi, Pier Luigi, 2003. "Technology and efficiency in a panel of Italian dairy farms: an SGM restricted cost function approach," Agricultural Economics, Blackwell, vol. 29(2), pages 195-209, October.
    11. Ludo Peeters & Yves Surry, 2000. "Incorporating Price-Induced Innovation in a Symmetric Generalised McFadden Cost Function with Several Outputs," Journal of Productivity Analysis, Springer, vol. 14(1), pages 53-70, July.
    12. Truett, Lila J. & Truett, Dale B., 2003. "A cost function analysis of import demand and growth in South Africa," Journal of Development Economics, Elsevier, vol. 70(2), pages 425-442, April.
    13. Henning, Christian H.C.A. & Henningsen, Arne, 2007. "AJAE Appendix: Modeling Farm Households' Price Responses in the Presence of Transaction Costs and Heterogeneity in Labor Markets," American Journal of Agricultural Economics Appendices, Agricultural and Applied Economics Association, vol. 89(3), August.
    14. Roberto Esposti & Pierpaolo Pierani, 2008. "Price-induced technical progress in Italian agriculture," Review of Agricultural and Environmental Studies - Revue d'Etudes en Agriculture et Environnement, INRA Department of Economics, vol. 89(4), pages 5-28.
    15. Truett, Lila J. & Truett, Dale B., 2002. "The demand for imports in Italy: A production analysis," International Review of Economics & Finance, Elsevier, vol. 11(4), pages 393-409.
    16. Salvator Nkunzimana & H. Alan Love & C. Richard Shumway, 2003. "Mexican agricultural trade under the GATT," Applied Economics, Taylor & Francis Journals, vol. 35(4), pages 449-459.
    17. Feinerman, Eli & Peerlings, Jack H.M., 2002. "Uncertain Land Availability and Perceived Biases in Investment Decisions: The Case of Dutch Dairy Farms," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24949, European Association of Agricultural Economists.
    18. Tarjáni, Hajnalka, 2006. "A technológiai fejlődés és a kereskedelem hatása a szakképzettségi prémiumra
      [Analysing the impacts of technological development and trade on the skill premium in Hungary]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 226-234.
    19. Henning, Christian H.C.A. & Henningsen, Arne, 2005. "Modeling Price Response of Farm Households Under Imperfect Labor Markets: A Farm Household Approach to Family Farms in Poland," 94th Seminar, April 9-10, 2005, Ashford, UK 24431, European Association of Agricultural Economists.
    20. Hillberry, Russell & Hummels, David, 2013. "Trade Elasticity Parameters for a Computable General Equilibrium Model," Handbook of Computable General Equilibrium Modeling, Elsevier.

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