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Estimated Effects of Relative Prices on Trade Shares

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  • Ray C. Fair

Abstract

Estimated effects of relative prices on trade shares are presented in this paper for 64 countries. The equations are estimated using pooled time series, cross section data under the assumption that the error term is serially correlated across time and heteroskedastic across countries. The results strongly indicate that relative prices have an important effect on trade shares. The sensitivity of the properties of the multicountry model in Fair (1981a) to the endogenous treatment of trade shares is also examined. The addition of the trade share equations to the model has noticeable effects on the properties of the model regarding the effects of a depreciation. The sensitivity of trade shares to relative prices is an important channel in this version of the model through which a country's price of exports affects the demand for its exports.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0696.

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Date of creation: Jun 1981
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Publication status: published as (Published as "Estimated Effects of the October 1979 Changes in Monetary Policy on the 1980 Economy) American Economic Review, Vol. 71, no. 2(1981): 160-165.
Handle: RePEc:nbr:nberwo:0696

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  1. Oberhofer, W & Kmenta, J, 1974. "A General Procedure for Obtaining Maximum Likelihood Estimates in Generalized Regression Models," Econometrica, Econometric Society, vol. 42(3), pages 579-90, May.
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Cited by:
  1. Ray C. Fair, 1981. "Estimated Output, Price, Interest Rate, and Exchange Rate Linkages amongCountries," NBER Working Papers 0677, National Bureau of Economic Research, Inc.
  2. Helliwell, John F. & Padmore, Tim, 1985. "Empirical studies of macroeconomic interdependence," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 21, pages 1107-1151 Elsevier.

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