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Import Price Formation and Pricing to Market: A Test on Norwegian Data

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Abstract

This paper investigates the determinants of Norwegian import prices of manufactures over the period 1970(1) - 1991(4). Multivariate cointegration analysis establishes a long-run relationship between import prices, foreign prices, the exchange rate and domestic unit labour costs. Normalized on import prices, the long-run elasticities are 0.63 (foreign prices and the exchange rate) and 0.37 (domestic costs). Deviations from this relationship are highly significant in a structural import price equation, which also contains positive effects of growth in domestic demand and inflation, as well as a negative effect from the Norwegian unemployment rate. The estimated parameters appear reasonably stable within the sample.

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File URL: http://www.ssb.no/a/publikasjoner/pdf/DP/dp_157.pdf
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Bibliographic Info

Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 157.

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Date of creation: Nov 1995
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Handle: RePEc:ssb:dispap:157

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Related research

Keywords: Import price formation; pricing to market; domestic effects; Johansen procedure; structural error correction model; super exogeneity.;

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Cited by:
  1. Sverre Grepperud, 1997. "Soil Depletion Choices under Production and Price Uncertainty," Discussion Papers 186, Research Department of Statistics Norway.

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