The aggregate import equation: Price homogeneity and monetary effects |
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Authors: | E Petoussis |
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Institution: | 1. Ministry of National Economy, The Ministers Office, Athens, Greece
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Abstract: | The theoretical and empirical assumptions implied by conventional import equations are identified and tested for the US and UK. The demand for imports is found to respond much more strongly to changes in domestic rather than foreign prices. The elasticity with respect to income estimated by traditional functions is shown to be upward biased. Finally, a direct link between the money supply and imports is established, with consequences for all import elasticities. |
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