Time-Series Estimation of Structural Import Demand Equations: A Cross-Country Analysis
AbstractA structural import demand equation is derived and estimated for a large number of countries, using recent time-series techniques that address the problem of nonstationarity. The average price elasticity is close to zero in the short run but is slightly higher than one in the long run. A similar pattern holds for income elasticities: the short-run income elasticities are on average less than 0.5, while the long-run income elasticities are close to 1.5. The paper also analyses the small-sample properties of both the ordinary-least-squares (OLS) and the fully modified (FM) estimators of the short- and long-run elasticities, using Monte Carlo methods.
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Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.
Volume (Year): 45 (1998)
Issue (Month): 2 (June)
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Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
Find related papers by JEL classification:
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
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