Aggregate Import Demand Function for Japan: A Cointegration Re-investigation
Applying a rolling windows approach, this study aims to re-visit the existing literature on cointegration of aggregate import demand function in Japan. In contrary to many studies, the results of cointegration tests suggest that the presence of cointegration relationship for Japan's aggregate import demand function is not stable over the sample period, 1973.Q1-2007.Q2. Again, the estimated elasticities of income and relative prices of imports are varying over the sample period—the income variable is elastic while, the price is found to be inelastic, on average.
Volume (Year): 37 (2008)
Issue (Month): 3 ()
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