Table 5: Price elasticities of imports and exports
|
Imports |
Exports | |||
|
short run______ |
long run*______ |
short run______ |
long run*______ | |
|
BL |
0.23 |
1.00 |
0.18 |
1.00 |
|
DK |
0.17 |
1.00 |
0.25 |
1.00 |
|
DE |
0.22 |
1.00 |
0.23 |
1.00 |
|
GR |
0.51 |
1.00 |
0.92 |
1.00 |
|
ES |
0.26 |
1.00 |
0.21 |
1.00 |
|
FR |
0.21 |
1.00 |
0.27 |
1.00 |
|
IR |
0.15 |
1.00 |
0.28 |
1.00 |
|
IT |
0.12 |
1.00 |
0.25 |
1.00 |
|
NL |
0.24 |
1.00 |
0.16 |
1.00 |
|
OS |
0.24 |
1.00 |
0.28 |
1.00 |
|
PO |
0.21 |
1.00 |
0.54 |
1.00 |
|
SF |
0.24 |
1.00 |
0.16 |
1.00 |
|
SW |
0.22 |
1.00 |
0.14 |
1.00 |
|
UK |
0.23 |
1.00 |
0.34 |
1.00 |
|
US |
0.18 |
1.00 |
0.30 |
1.00 |
|
JA____________ |
0.19________ |
1.00________ |
0.40________ |
1.00________ |
Note: * Long-run price elasticities have been restricted to 1.0. Unrestricted estimates over the period
1970-1994 ranged from 0.7 to 1.5 for imports and from 0.7 to 1.8 for exports.
)LQDQFLDO 0DUNHWV dqG ([FKDQJH 5DWHV
Asset markets are assumed to be fully integrated across all the industrialised regions
covered in the model, i.e.. there is full capital mobility. Exchange rates between European
currencies, US Dollar, Yen and a composite of the remaining OECD countries are fully
flexible. In standard setting, nominal exchange rates within the European Union are fixed in
nominal terms. The exchange rate of country j is determined endogenously according to the
following (uncovered) interest arbitrage relation with respect to the dollar
L{ = L“s + ∆E++1 / Eiy + 535E0it (32)
The second term on the right hand side denotes the expected depreciation of country j’s
currency vis-a-vis the US dollar. The risk premium (RPREM) is assumed to be exogenous.
20
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