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Estimation of Elasticities and Interpretation of Results

In: Price Elasticities in International Trade

Author

Listed:
  • Robert M. Stern
  • Jonathan Francis
  • Bruce Schumacher
Abstract
Estimates of the response of imports and exports to price changes are interesting and important for a variety of purposes. On an aggregate level, the investigator or policy maker may wish to know what effects exchange-rate realignments may have on the trade balances of different countries. Or, put differently, the problem may be to determine the exchange-rate change required to eliminate a trade imbalance of a given size. Exchange-rate changes will also affect aggregate income and employment as a consequence of the expenditure shifts that occur and that result in the expansion or contraction of a country’s export and import-competing industries. To cope with issues like these, information on the relevant elasticities of demand and supply is necessary.

Suggested Citation

  • Robert M. Stern & Jonathan Francis & Bruce Schumacher, 1976. "Estimation of Elasticities and Interpretation of Results," Palgrave Macmillan Books, in: Price Elasticities in International Trade, chapter 1, pages 3-11, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-03137-5_1
    DOI: 10.1007/978-1-349-03137-5_1
    as

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