Estimating Long-Run Elasticities Of Jordanian Import Demand Function: 1980-2004 An Application Of Dynamic Ols
The paper estimates the long-run elasticities of import demand in Jordan over the period 1980-2004. The Engle-Granger test of co-integration, fails to find favor of a long-run relationship among variables associated with an import demand. Furthermore, the recently prescribed Stock-Watson Dynamic OLS (1993) procedure, is employed to derive long-run relative price and income elasticities. Results reveal that both relative price and income elasticity was -0.55 and 0.84 respectively which affect import demand significantly. Interestingly, the findings have implications explaining Jordanian import demand, in the long-run.
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Volume (Year): 7 (2007)
Issue (Month): 2 ()
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- Thursby, Jerry G & Thursby, Marie C, 1984. "How Reliable Are Simple, Single Equation Specifications of Import Demand?," The Review of Economics and Statistics, MIT Press, vol. 66(1), pages 120-128, February.
- Campbell, John & Perron, Pierre, 1991.
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- John Y. Campbell & Pierre Perron, 1991. "Pitfalls and Opportunities: What Macroeconomists Should Know About Unit Roots," NBER Technical Working Papers 0100, National Bureau of Economic Research, Inc.
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- Granger, Clive W J, 1986. "Developments in the Study of Cointegrated Economic Variables," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 48(3), pages 213-228, August.
- DeJong, David N, et al, 1992. "Integration versus Trend Stationarity in Time Series," Econometrica, Econometric Society, vol. 60(2), pages 423-433, March.
- Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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