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Errors in Import-Demand Estimates Based Upon Unit-Value Indexes

Опубликовано на портале: 22-09-2003
Review of Economics and Statistics. 1993.  Vol. Vol. 73. No. 2. . P. pp. 378-382.. 
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Disaggregated import-demand elasticity estimates based on import unit-value indexes are used in virtually all trade policy simulation models. However, unit-value indexes have been criticized especially by Kravis and Lipsey (1974). To examine the effect of using unit-value indexes on estimates of disaggregated import-demand elasticities, this paper compares regression results using unit-value indexes with results using U.S. Bureau of Labor Statistics import-price indexes for several detailed trade categories based on quarterly data for 1978-88. Results show that using unit-value indexes does not greatly affect estimated import-demand elasticities.

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