Table 5 Various estimates of price and income elasticities for US trade (imports and exports)
|
Type of estimate |
NI |
N2 |
N3 |
Period |
Price elasticity |
Income elasticity |
Authors |
|
US exports |
Goods and services |
SR |
Relative price |
1956-1996 |
-0.50 |
1.80 |
Hooper, Johnson, and Marquez (2000) |
|
US exports |
Goods and services |
LR |
Relative price |
1956-1996 |
-1.50 |
0.80 |
Hooper, Johnson, and Marquez (2000) |
|
US exports |
Goods and services |
LR |
Real effective exchange rate |
2004 |
-1.00 |
1.50 |
Cline (2005) |
|
US exports |
Goods |
LR |
Real effective exchange rate |
1981-2006 |
-0.63 |
2.51 |
Crane, Crowley, and Quayyum (2007) |
|
US exports |
Goods |
LR |
Relative price of exports |
1981-2006 |
0.20 |
3.04 |
Crane, Crowley, and Quayyum (2007) |
|
US exports |
Goods |
LR |
Real effective exchange rate |
1988-2006 |
-8.56 |
1.91 |
Crane, Crowley, and Quayyum (2007) |
|
US exports |
Goods |
LR |
Relative price of exports |
1988-2006 |
2.21 |
4.90 |
Crane, Crowley, and Quayyum (2007) |
|
US exports |
Goods |
LR |
Real effective exchange rate |
1973-2006 |
-0.27 |
1.82 |
Cardarelli et al. (2007) |
|
US exports |
Goods |
LR |
Relative price |
1973-2006 |
-0.23 |
1.85 |
Cardarelli et al. (2007) |
|
US exports |
Goods |
LR |
Real effective exchange rate |
1986-2006 |
ND |
1.97 |
Cardarelli et al. (2007) |
|
US exports |
Goods |
LR |
Relative price |
1986-2006 |
ND |
0.76 |
Cardarelli et al. (2007) |
|
US exports |
Goods |
SR |
Relative price |
1980-1995 |
-0.95 |
1.12 |
Wren-Lewis and Driver (1998) |
|
US exports |
Goods |
LR |
Relative price |
1980-1995 |
-0.65 |
1.21 |
Wren-Lewis and Driver (1998) |
|
US exports |
Goods |
SR |
GDP as income |
1980-2003 |
-0.07 |
2.79 |
Mann and PIOck (2005) |
|
US exports |
Goods |
LR |
GDP as income |
1980-2003 |
-0.20 |
1.44 |
Mann and PIOck (2005) |
|
US exports |
Goods |
SR |
Matched expenditure and prices |
1980-2003 |
-0.03 |
Mann and PIOck (2005) | |
|
US exports |
Goods |
LR |
Matched expenditure and prices |
1980-2003 |
-0.09 |
1.19 |
Mann and PIOck (2005) |
|
US partners imports (i.e., US exports) |
Goods |
LR |
Simple average of HS6 estimates |
1988-2002 |
-2.40 |
ND |
Kee, Nicita, and Olarreaga (2004) |
|
US partners imports (i.e., US exports) |
Goods |
LR |
Median of HS6 estimates |
1988-2002 |
-1.12 |
ND |
Kee, Nicita, and Olarreaga (2004) |
|
US partners imports (i.e., US exports) |
Goods |
LR |
Weighted average of HS6 estimates |
1988-2002 |
-1.17 |
ND |
Kee, Nicita, and Olarreaga (2004) |
|
US imports |
Goods and services |
SR |
Relative price |
1956-1996 |
-0.60 |
2.30 |
Hooper, Johnson, and Marquez (2000) |
|
US imports |
Goods and services |
LR |
Relative price |
1956-1996 |
-0.30 |
1.80 |
Hooper, Johnson, and Marquez (2000) |
|
US partners exports (i.e., US imports) |
Goods and services |
LR |
Real effective exchange rate |
2004 |
-0.82 |
1.50 |
Cline (2005) |
|
US imports |
Goods |
LR |
1967-1987 |
-0.22 |
2.10 |
Crane, Crowley, and Quayyum (2007) | |
|
US imports |
Goods |
LR |
1967-2006 |
-0.42 |
1.98 |
Crane, Crowley, and Quayyum (2007) | |
|
US imports |
Goods |
LR |
1988-2006 |
-0.69 |
2.18 |
Crane, Crowley, and Quayyum (2007) | |
|
US imports |
Goods |
LR |
Real effective exchange rate |
1973-2006 |
-0.55 |
2.46 |
Cardarelli et al. (2007) |
|
US imports |
Goods |
LR |
Relative price |
1973-2006 |
-0.41 |
2.03 |
Cardarelli et al (2007) |
|
US imports |
Goods |
LR |
Real effective exchange rate |
1986-2006 |
ND |
1.86 |
Cardarelli et al. (2007) |
|
US imports |
Goods |
LR |
Relative price |
1986-2006 |
ND |
2.46 |
Cardarelli et al. (2007) |
|
US imports |
Goods |
SR |
Relative price |
1980-1995 |
-0.38 |
2.43 |
Wren-Lewis and Driver (1998) |
|
US imports |
Goods |
LR |
Relative price |
1980-1995 |
-0.18 |
2.36 |
Wren-Lewis and Driver (1998) |
|
US imports |
Goods |
SR |
GDP as income |
1980-2003 |
-0.17 |
4.11 |
Mann and PIOck (2005) |
|
US imports |
Goods |
LR |
GDP as income |
1980-2003 |
-0.28 |
2.22 |
Mann and PIOck (2005) |
|
US imports |
Goods |
SR |
Matched expenditure and prices |
1980-2003 |
-0.09 |
1.00 |
Mann and PIOck (2005) |
|
US imports |
Goods |
LR |
Matched expenditure and prices |
1980-2003 |
0.10 |
1.63 |
Mann and PIOck (2005) |
|
US imports |
Goods |
LR |
Simple average of HS6 estimates |
1988-2002 |
-3.39 |
ND |
Kee, Nicita, and Olarreaga (2004) |
|
US imports |
Goods |
LR |
Median of HS6 estimates |
1988-2002 |
-1.16 |
ND |
Kee, Nicita, and Olarreaga (2004) |
|
US imports |
Goods |
LR |
Weighted average of HS6 estimates |
1988-2002 |
-1.30 |
ND |
Kee, Nicita, and Olarreaga (2004) |
Goods and services = goods and services are considered; LR = long-run analysis; SR = short-run analysis; ND = no estimate made.
Notes: The US import price elasticity calculated from Cline (2005) is the weighted average (by US 2004 imports) of export price elasticity estimates for the 17 US partner countries. The US export price elasticities Calculatedfrom
Kee, Nicita, and Olarreaga (2004) are the weighted average (by US 2004 exports) of import price elasticity estimates for the 17 US partner countries (excluding Taiwan).