Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/105892 
Autor:innen: 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
IMK Working Paper No. 8/2007
Verlag: 
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf
Zusammenfassung: 
Empirical studies analysing German import demand functions traditionally report implausibly high income and relativly low price elasticities. Furthermore, estimation results strongly depend on the observation period. Minor variations in the estimation period typically lead to insignificant price terms often displaying the wrong sign. Based on an extensive econometric analysis, the author shows that these problems are caused by the use of highly aggregated activity variables (GDP or total demand). The problem is easily solved if GDP components, namely exports and investment, are used to model domestic economic activity. We find that imports, exports, investment, and a relative import price form highly stable cointegration relationships. The corresponding activity elasticity is clearly below 1 and the price elasticity is highly significant. Changes in the estimation period neither change the impact nor the significance of the determinants of imports.
Schlagwörter: 
German import demand equation
price elasticity
income elasticity
activity elasticity
aggregation problems
error correction model
JEL: 
C22
C52
F17
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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