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The Elasticity of Substitution in Demand for Non-Tradable Goods in Latin America: The Case of Argentina

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  • Martín González Rozada
  • Pablo Andrés Neumeyer
  • Alejandra Clemente
  • Diego Luciano Sasson
  • Nicholas Trachter

Abstract

The objective of this paper is to estimate the elasticity of substitution in the demand for non-tradable goods relative to tradable goods in Argentina. This parameter plays a crucial role in the analysis of the macroeconomic equilibrium of a small open economy (Mendoza, Galindo and Izquierdo, 2003). Using two data sets, estimates of approximately 0. 40 and 0. 48, respectively, are found for this elasticity.

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Bibliographic Info

Paper provided by Inter-American Development Bank, Research Department in its series Research Department Publications with number 3179.

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Date of creation: Aug 2004
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Handle: RePEc:idb:wpaper:3179

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  1. James G. MacKinnon, 1995. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Working Papers 918, Queen's University, Department of Economics.
  2. Mendoza, Enrique G, 1995. "The Terms of Trade, the Real Exchange Rate, and Economic Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(1), pages 101-37, February.
  3. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-80, November.
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Cited by:
  1. Schmitt-Grohé, Stephanie & Uribe, Martín, 2011. "Pegs and Pain," CEPR Discussion Papers 8275, C.E.P.R. Discussion Papers.
  2. Martin Uribe & Stephanie Schmitt-Grohe, 2012. "Pegs and Pain," 2012 Meeting Papers 303, Society for Economic Dynamics.

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