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Export Supply and Import Demand Functions: A Production Theory Approach

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  • W.E. Diewert

Abstract

In this paper we theoretically and empirically model import demand and export supply behavior of firms for the U.S. economy from 1967-1982. A producer theoretic approach based on duality theory is used to derive econometric systems of producer supply and demand functions that are consistent with profit maximizing behavior. This system is then empirically implemented and the resulting estimates used to construct a full set of supply and demand elasticities characterizing import demand and export supply functions as well as domestic output supply and labor demand. These elasticities are in turn used to derive devaluation elasticities and some estimates of the equilibrium real exchange rate that would cause the U.S. trade surplus to reach zero.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2011.

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Date of creation: Aug 1986
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Publication status: published as Feenstra, Robert C. (ed.) Empirical methods for international trade. Cambridge, MA and London: MIT Press, 1988.
Handle: RePEc:nbr:nberwo:2011

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  1. Diewert, W Erwin, 1978. "Superlative Index Numbers and Consistency in Aggregation," Econometrica, Econometric Society, Econometric Society, vol. 46(4), pages 883-900, July.
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Cited by:
  1. Jae Chung, 1992. "Rivalry for export promotions," Open Economies Review, Springer, vol. 3(1), pages 23-35, February.
  2. Giannis Karagiannis & Vangelis Tzouvelekas, 2010. "Sectoral linkages and industrial efficiency: a dilemma or a requisition in identifying development priorities?," The Annals of Regional Science, Springer, vol. 45(1), pages 207-233, August.
  3. Marshall, Maria I. & Marsh, Thomas L., 2003. "Endogenous Protection In The Mexican Corn And Sorghum Market," 2003 Annual meeting, July 27-30, Montreal, Canada 22242, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  4. Truett, Lila J. & Truett, Dale B., 1998. "The demand for imports in Korea: a production analysis approach," Journal of Development Economics, Elsevier, vol. 56(1), pages 97-114, June.
  5. Osea Giuntella, 2012. "Do immigrants squeeze natives out of bad schedules? Evidence from Italy," IZA Journal of Migration, Springer, vol. 1(1), pages 1-21, December.
  6. Martin, Will & Warr, Peter G., 1991. "Agriculture's decline in Indonesia : supply or demand determined," Policy Research Working Paper Series 798, The World Bank.
  7. Washington, Andrew A. & Kilmer, Richard L., 2000. "The Production Theory Approach To Import Demand Analysis: A Comparison Of The Rotterdam Model And The Differential Production Approach," 2000 Annual meeting, July 30-August 2, Tampa, FL 21829, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  8. Sun, Ling & Fulginiti, Lilyan E. & Peterson, E. Wesley F., 1999. "Technology, Factor Endowment, Prices And The Relative Decline Of Agriculture In Taiwan," 1999 Annual meeting, August 8-11, Nashville, TN 21700, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  9. Truett, Lila J. & Truett, Dale B., 2003. "A cost function analysis of import demand and growth in South Africa," Journal of Development Economics, Elsevier, vol. 70(2), pages 425-442, April.
  10. Hillberry, Russell & Hummels, David, 2013. "Trade Elasticity Parameters for a Computable General Equilibrium Model," Handbook of Computable General Equilibrium Modeling, Elsevier.
  11. Schmidt, Tobias F. N. & Koschel, Henrike, 1998. "Modelling of foreign trade in applied general equilibrium models: theoretical approaches and sensitivity analysis with the GEM-E3 model," ZEW Discussion Papers 98-08, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  12. Faini, Riccardo, 1994. "Export supply, capacity and relative prices," Journal of Development Economics, Elsevier, vol. 45(1), pages 81-100, October.
  13. Truett, Lila J. & Truett, Dale B., 2002. "The demand for imports in Italy: A production analysis," International Review of Economics & Finance, Elsevier, vol. 11(4), pages 393-409.

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