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Supply capacity, vertical specialisation and trade costs : the implications for aggreagate US trade flow equations
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Chinn, Menzie David (2010) Supply capacity, vertical specialisation and trade costs : the implications for aggreagate US trade flow equations. Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2010 (Number 14).
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Text (Working paper)
WRAP_14.2010_chinn.pdf - Published Version Download (385Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
This paper re-examines aggregate and disaggregate import and export demand functions
for the United States over the 1975q1-2010q1 period. This re-examination is warranted
because (1) income elasticities are too high to be warranted by standard theories, and (2)
remain high even when it is assumed that supply factors are important. These findings
suggest that the standard models omit important factors. An empirical investigation
indicates that the rising importance of vertical specialization combined with changing
tariff rates and transportation costs explains some of results. Accounting for these factors
yields more plausible estimates of income elasticities.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Imports -- United States, Exports -- United States, Exports -- Finance -- United States, Elasticity (Economics) -- United States, Demand (Economic theory), Economics, Mathematical -- United States | ||||
Series Name: | CAGE Online Working Paper Series | ||||
Publisher: | Department of Economics, University of Warwick | ||||
Place of Publication: | Coventry, UK | ||||
Official Date: | 10 June 2010 | ||||
Dates: |
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Volume: | Volume 2010 | ||||
Number: | Number 14 | ||||
Number of Pages: | 29 | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Published | ||||
Date of first compliant deposit: | 1 August 2016 | ||||
Date of first compliant Open Access: | 1 August 2016 | ||||
Funder: | University of Wisconsin--Madison |
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