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The importance of rationing in international trade: A theoretical and econometric analysis for the Federal Republic of Germany

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  • Franz, Wolfgang
  • Heidbrink, Gustav W.
Abstract
This paper deals with the importance of rationing for international trade flows. The analysis is based on a macroeconometric rationing model for the Federal Republic of Germany. Besides a theoretical treatment of various channels through which rationing occurs, an estimation of a rationing model is carried out with special reference to the trade flows. A crucial question concerns the adequate variable which may be able to capture rationing. This paper discusses to what extent that answers from a business survey may be used as proxies for possible rationing.

Suggested Citation

  • Franz, Wolfgang & Heidbrink, Gustav W., 1991. "The importance of rationing in international trade: A theoretical and econometric analysis for the Federal Republic of Germany," Discussion Papers, Series II 165, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    • Handle: RePEc:zbw:kondp2:165
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    References listed on IDEAS

    as
    1. Artus, Patrick & Laroque, Guy & Michel, Gilles, 1984. "Estimation of a Quarterly Macroeconomic Model with Quantity Rationing," Econometrica, Econometric Society, vol. 52(6), pages 1387-1414, November.
    2. Lambert, J.-P. & Mulkay, B., 1987. "Investment in a disequilibrium context or does profitability really matter ?," LIDAM Discussion Papers CORE 1987003, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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    4. Muellbauer, John & Portes, Richard, 1978. "Macroeconomic Models with Quantity Rationing," Economic Journal, Royal Economic Society, vol. 88(352), pages 788-821, December.
    5. Stalder, Peter, 1989. "A disequilibrium model with smooth regime transitions and a keynesian spillover for switzerland's labor market," European Economic Review, Elsevier, vol. 33(4), pages 863-893, April.
    6. Franz, Wolfgang & Konig, Heinz, 1990. "A disequilibrium approach to unemployment in the Federal Republic of Germany," European Economic Review, Elsevier, vol. 34(2-3), pages 413-422, May.
    7. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
    8. Baldwin, Richard, 1990. "Hysteresis in Trade," Empirical Economics, Springer, vol. 15(2), pages 127-142.
    9. E. Malinvaud, 1980. "Macroeconomic Rationing of Employment," International Economic Association Series, in: Edmond Malinvaud & Jean-Paul Fitoussi (ed.), Unemployment in Western Countries, chapter 7, pages 173-205, Palgrave Macmillan.
    10. Sneessens, H. & Dreze, J., 1985. "A discussion of Belgian unemployment, combining traditional concepts and disequilibrium econometrics," LIDAM Discussion Papers CORE 1985040, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    11. Frankel, Jeffrey A, 1979. "On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differentials," American Economic Review, American Economic Association, vol. 69(4), pages 610-622, September.
    12. Hooper, Peter & Morton, John, 1982. "Fluctuations in the dollar: A model of nominal and real exchange rate determination," Journal of International Money and Finance, Elsevier, vol. 1(1), pages 39-56, January.
    13. Richard G. Lipsey, 1981. "The Understanding and Control of Inflation: Is There a Crisis in Macro-Economics?," Canadian Journal of Economics, Canadian Economics Association, vol. 14(4), pages 545-576, November.
    14. repec:bla:econom:v:53:y:1986:i:210(s):p:s89-119 is not listed on IDEAS
    15. Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, vol. 31(3), pages 781-808, April.
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    Cited by:

    1. Franz, Wolfgang & Heidbrink, Gustav W., 1992. "International spillovers and employment in a disequilibrium macroeconomic model for Germany," Discussion Papers, Series II 196, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".

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