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Modelling Manufactured imports: Methodological Issues with Evidence From Australia

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  • Premachandra Athukorala
  • Jayant Menon

Abstract

This paper investigates the relationship between manufactured import flows to Australia, and relative prices and domestic economic activity net of cyclical demand effects over the period 1981Q3 to 1991Q2. This is done through the estimation of import demand functions for total manufactured imports and nine major import categories using the general to specific modeling approach. We find that the homotheticity assumption on activity elasticity is met in most cases. The price elasticity estimates for individual categories range from 0.32 to 2.1, with a weighted-average of 0.52. We also find some evidence of upward bias in price elasticity estimates when an aggregate import function is employed in a context where a significant portion of imports are subject to quantitative restrictions (QRs).

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Bibliographic Info

Paper provided by Victoria University, Centre of Policy Studies/IMPACT Centre in its series Centre of Policy Studies/IMPACT Centre Working Papers with number g-112.

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Date of creation: Apr 1995
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Handle: RePEc:cop:wpaper:g-112

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  1. Jayant Menon, 1993. "Import Price and Activity Elasticities for the MONASH Model: Johansen FIML Estimation of Cointegration Vectors," Centre of Policy Studies/IMPACT Centre Working Papers, Victoria University, Centre of Policy Studies/IMPACT Centre ip-58, Victoria University, Centre of Policy Studies/IMPACT Centre.
  2. Robert E. Lipsey & Linda Molinari & Irving B. Kravis, 1990. "Measures of Prices and Price Competitiveness in International Trade in Manufactured Goods," NBER Working Papers, National Bureau of Economic Research, Inc 3442, National Bureau of Economic Research, Inc.
  3. Gordon, J M, 1986. "The J-Curve Effects," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 0(0), pages 82-88, Supplemen.
  4. Andrew C. Harvey, 1990. "The Econometric Analysis of Time Series, 2nd Edition," MIT Press Books, The MIT Press, The MIT Press, edition 2, volume 1, number 026208189x, December.
  5. Goldstein, Morris & Khan, Mohsin S., 1985. "Income and price effects in foreign trade," Handbook of International Economics, Elsevier, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 20, pages 1041-1105 Elsevier.
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