Errors in Import-Demand Estimates Based upon Unit-Value Indexes
AbstractDisaggregated import-demand elasticity estimates based on import unit-value indexes are used in virtually all trade policy simulation models. However, unit-value indexes have been criticized especially by Irving B. Kravis and Robert E. Lipsey (1974). To examine the effect of using unit-value indexes on estimates of disaggregated import-demand elasticities, this paper compares regression results using unit-value indexes with results using U.S. Bureau of Labor Statistics import-price indexes for several detailed trade categories based on quarterly data for 1978-88. Results show that using unit-value indexes does not greatly affect estimated import-demand elasticities. Copyright 1991 by MIT Press.
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Bibliographic InfoArticle provided by MIT Press in its journal Review of Economics & Statistics.
Volume (Year): 73 (1991)
Issue (Month): 2 (May)
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- Douglas A. Irwin, 1998.
"The Smoot-Hawley Tariff: A Quantitative Assessment,"
The Review of Economics and Statistics,
MIT Press, vol. 80(2), pages 326-334, May.
- Douglas A. Irwin, 1996. "The Smoot-Hawley Tariff: A Quantitative Assessment," NBER Working Papers 5509, National Bureau of Economic Research, Inc.
- Sawyer, W. Charles & Sprinkle, Richard L., 1997. "The Demand for Imports and Exports in Japan: A Survey," Journal of the Japanese and International Economies, Elsevier, vol. 11(2), pages 247-259, June.
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