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Export Supply and Import Demand Functions: A Production Theory Approach

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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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
Date of revision:
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
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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  1. Carmit Shwartz & W. Erwin Diewert & Kevin J. Fox, 2014. "Consumer Benefits of Infrastructure Services," Discussion Papers 2014-17, School of Economics, The University of New South Wales.
  2. Diewert, W Erwin, 1978. "Superlative Index Numbers and Consistency in Aggregation," Econometrica, Econometric Society, vol. 46(4), pages 883-900, July.
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