Suchergebnisse

In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate substitutability is a weighted average of good-specific elasticities, which in general cannot be inferred from aggregated data. We identify structurally the substitutability in US goods using multilateral trade data. We impose homogeneity, and find an aggregate elasticity similar in value to conventional macroeconomic

Estimates of the elasticity of substitution between domestic and foreign varieties are small in macroeconomic data, and substantially larger in disaggregated studies. This may be an artifact of heterogeneity. We use disaggregated multilateral trade data to structurally identify elasticities of substitution in US goods. We spell out a partial equilibrium model to aggregate them adequately at the country level. We compare aggregate elasticities that impose equality across sectors, to estimates allowing for heterogeneity. The former are similar in value to conventional macroeconomic estimates; but they are more than twice larger -up to 7- with heterogeneity. The parameter is central to calibrated models in most of international economics. We discuss the difference our corrected estimate makes in various areas of international economics, including the dynamics of external balances, the international transmission of shocks, international portfolio choice and optimal monetary policy. ; Les estimations de l'élasticité de substitution entre variétés domestiques et étrangères sont faibles dans les données macroéconomiques, mais nettement plus élevées dans les études sur données désagrégées. Cette divergence peut être la conséquence de l'hétérogénéité. Nous utilisons des données fines de commerce pour identifier structurellement les élasticités de substitution pour les biens américains. Nous construisons un modèle d'équilibre partiel pour agréger ces élasticités. Cet exercice nous permet de comparer les élasticités agrégées qui imposent une homogénéité inter-sectorielle et celles qui tiennent compte de l'hétérogénéité. Pour les premières, nous obtenons des valeurs similaires à ce que trouvent les études sur données macroéconomiques. Quand on tient compte de l'hétérogénéité, les élasticités sont plus de deux fois supérieures, jusqu'à 7. Ce paramètre est crucial dans la calibration de la plupart des modèles d'économie internationale. Nous discutons comment la correction que nous proposons affecte un certain nombre de ...

Estimates of the elasticity of substitution between domestic and foreign varieties are small in macroeconomic data, and substantially larger in disaggregated studies. This may be an artifact of heterogeneity. We use disaggregated multilateral trade data to structurally identify elasticities of substitution in US goods. We spell out a partial equilibrium model to aggregate them adequately at the country level. We compare aggregate elasticities that impose equality across sectors, to estimates allowing for heterogeneity. The former are similar in value to conventional macroeconomic estimates; but they are more than twice larger -up to 7- with heterogeneity. The parameter is central to calibrated models in most of international economics. We discuss the difference our corrected estimate makes in various areas of international economics, including the dynamics of external balances, the international transmission of shocks, international portfolio choice and optimal monetary policy. ; Les estimations de l'élasticité de substitution entre variétés domestiques et étrangères sont faibles dans les données macroéconomiques, mais nettement plus élevées dans les études sur données désagrégées. Cette divergence peut être la conséquence de l'hétérogénéité. Nous utilisons des données fines de commerce pour identifier structurellement les élasticités de substitution pour les biens américains. Nous construisons un modèle d'équilibre partiel pour agréger ces élasticités. Cet exercice nous permet de comparer les élasticités agrégées qui imposent une homogénéité inter-sectorielle et celles qui tiennent compte de l'hétérogénéité. Pour les premières, nous obtenons des valeurs similaires à ce que trouvent les études sur données macroéconomiques. Quand on tient compte de l'hétérogénéité, les élasticités sont plus de deux fois supérieures, jusqu'à 7. Ce paramètre est crucial dans la calibration de la plupart des modèles d'économie internationale. Nous discutons comment la correction que nous proposons affecte un certain nombre de résultats de la littérature, concernant notamment la dynamique des balances courantes, la transmission internationale des chocs, les choix internationaux de portefeuille, et la politique monétaire optimale.

"December 1991." ; Shipping list no.: 92-0614-P. ; Mode of access: Internet. ; 2

This book comprehensively reflects the summary of theoretical and experimental studies whose conclusions are effective for optimized structural synthesis in precision elasticity, as well as demonstrates a large experience and options in the synthesis and application of precision elastic guides, mechanisms, correctors, transducers, elastic helicoids, and sensors in instruments and machines including their miniaturization for atomic force microscopy and other advanced solutions. The main focus of this book is in the possible simplification of the corresponding analytical apparatus. This tractable and digestible approach allows for increase of accuracy, sensitivity, responsiveness, and functional ranges in the synthesized precision elastic systems.

The paper estimates wage elasticity of labor supply in Russia - both intensive and extensive margins. Empirical research is based on the Russia Longitudinal Monitoring Survey - Higher School of Economics data for the period from 2004 to 2014. The study uses an adaptation of the Heckman selection model, estimation proceeds in four stages. It is shown that elasticity of the decision regarding hours worked is insignificant for all demographic groups with the exception of married women, for whom it is significantly negative. The elasticity regarding the decision to participate is positive, but quite low for people aged 25-54, and is much higher for those in the early retirement age. The possible application of the obtained estimates is demonstrated by measuring potential effect of personal income tax and pension system reforms on the labor supply.

The authors demonstrate that most textbooks are ambiguous at best in their treatment of cross price and income elasticity of demand. There is also no discussion of what initiates a price increase in discussions of substitutes and complements in the textbooks examined. The authors offer a remedy for these deficiencies.