The U.S. demand for imported and domestically produced foods: An investigation of intertemporal and substitution effects |
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| Affiliation: | 1. Research Department, International Monetary Fund, Washington, DC 20431, U.S.A.;2. Office of the Secretary, Board of Governors, Federal Reserve System, Washington, DC, U.S.A.;3. Special Studies Section, Board of Governors, Federal Reserve System, Washington, DC, U.S.A.;4. Productivity and Public Policy Section, Resources and Technology Division, Economic Research Service, U.S. Department of Agriculture, Washington, DC 20005-4788, U.S.A.;1. Institute of Neuroscience and State Key Laboratory of Neuroscience, Shanghai Institutes for Biological Sciences, Chinese Academy of Sciences, Shanghai 200031, China;2. The Netherlands Institute for Neuroscience, The Royal Academy of Arts and Sciences, Amsterdam 1019 RG, The Netherlands;1. Division of Glial Disease and Therapeutics, Center for Translational Neuromedicine, Department of Neurosurgery, University of Rochester Medical Center, Rochester, New York 14642, USA;2. Department of Ophthalmology, Haukeland University Hospital, Bergen 5021, Norway;3. Letten Centre, Institute of Basic Medical Sciences, Department of Physiology, University of Oslo, 0317 Oslo, Norway;1. Politecnico di Milano, Italy;2. Istituto Bruno Leoni, Italy |
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| Abstract: | This article extends the literature on time series estimation of U.S. consumer demand by presenting a coherent theoretical structure with a multi-period planning horizon for consumer choice and a more general treatment of the aggregation problem that allows the possibility that consumers' tastes change over time and vary across individuals. Based on our theoretical model, an econometric model is used to obtain estimates in a multi-period context of U.S. demand for imported foods and domestically produced foods. The hypothesis that current purchases depend on expected future prices is supported by the empirical results for imported foods. |
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