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来源类型Working Paper
规范类型报告
DOI10.3386/w4437
来源IDWorking Paper 4437
Permanent Income, Import Prices, and the Demand for Imported Consumer Durbales: A Structural Econometric Investigation
Richard H. Clarida
发表日期1993-08-01
出版年1993
语种英语
摘要This paper derives a rational expectations, permanent income model of the demand for imported consumer durable goods. Assuming that the preferences of the representative household are addilog, our model implies that the log of the exact but unobservable utility index of permanent income must in equilibrium be cointegrated with log consumption of nondurables. Using nondurables consumption as our noisy proxy for permanent income, we estimate that log nondurables consumption, the log relative price of durables imports, and log spending on durables imports are cointegrated, and that this cointegrating vector exactly identifies the model's structural parameters. We are unable to reject the essential empirical implications of the model, and obtain sensible estimates of the price and income elasticities of the demand for imported consumer durables. In particular, we find that consumer durables imports are quite price elastic in the long run, and that the permanent income elasticity of imported durable goods demand averages 2.3.
主题International Economics ; International Macroeconomics
URLhttps://www.nber.org/papers/w4437
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/561809
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Richard H. Clarida. Permanent Income, Import Prices, and the Demand for Imported Consumer Durbales: A Structural Econometric Investigation. 1993.
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