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Analyzes the price elasticity of the supply of rental housing services, defined as the percentage increase in supply associated with a one percent increase in price. The purpose of the report is to predict the price changes associated with supply responses to shifts in demand. Section II analyzes each component of supply response separately. It presents price elasticities for the repair, inventory, and occupancy responses to demand shifts. It reviews the literature on all three and offers new estimates for the second and third (the estimates are based on the analysis of Annual Housing Survey data from the U.S. Census Bureau reported in Appendix B). Section III combines the three individual supply elasticities into a composite elasticity. It accomplishes the integration using a model of housing-market responses to demand shifts presented in Appendix C. The model was built during the Housing Assistance Supply Experiment to explain the housing market's response to demand shifts caused by an experimental housing allowance program.
Housing --- Elasticity (Economics) --- Prices
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Housing --- Income --- Elasticity (Economics) --- Mathematical models. --- Case studies.
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The analysis in this paper suggests that import and export volume elasticities are markedly lower in oil-exporting Middle East and Central Asian countries than in non-oil countries in the region. A key implication of this finding is that a real appreciation of the exchange rate in oil-exporting countries would achieve little in terms of expenditure switching: an appreciation does not boost imports and non-oil exports constitute only a small share of GDP and total trade in these countries. Therefore, while a real appreciation lowers the current account surplus of oil-exporting countries through valuation effects, the contribution to lowering global imbalances may be more limited.
Elasticity (Economics) --- Econometric models. --- Coefficient of elasticity --- Demand elasticity --- Elasticity, Coefficient of --- Elasticity of demand --- Price elasticity of demand --- Demand (Economic theory) --- Economics --- Exports and Imports --- Macroeconomics --- Price Level --- Inflation --- Deflation --- Trade: General --- Empirical Studies of Trade --- International economics --- Trade balance --- Export prices --- Exports --- Import prices --- Imports --- Balance of trade --- Saudi Arabia
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Using a consistent dataset and methodology for all eight member countries of the West African Economic and Monetary Union (WAEMU) from 1994 to 2009, this paper provides evidence of the two major channels for real effects of inflation: inflation uncertainty and relative price variability. In line with theory and most evidence for advanced and emerging market economies, higher inflation increases inflation uncertainty and relative price variability in all WAEMU countries. However, the pattern, magnitude and timing of these two channels vary considerably by country. The findings raise several policy issues for future research.
Inflation (Finance) --- Elasticity (Economics) --- Coefficient of elasticity --- Demand elasticity --- Elasticity, Coefficient of --- Elasticity of demand --- Price elasticity of demand --- Demand (Economic theory) --- Economics --- Finance --- Natural rate of unemployment --- Econometric models. --- Exports and Imports --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Financial Aspects of Economic Integration --- Commodity Markets --- International economics --- Consumer price indexes --- Monetary unions --- Commodity price shocks --- Prices --- Price indexes --- Guinea
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China's sectoral trade composition, product quality mix, and import content of processing exports have all changed substantially during the past decade. This has rendered trade elasticities estimated using aggregate data highly unstable, with more recent data pointing to significantly higher demand and price elasticities. Sectoral differences in these parameters are also very wide. All this suggests greater caution in using historical data to simulate the response of the China's economy to external shocks and exchange rate changes. Analyses based on models whose estimated coefficients largely reflect the China of the 1980s and 1990s are likely to turn out to be wrong, perhaps even dramatically.
Exports and Imports --- Macroeconomics --- Economic Theory --- Trade: General --- Price Level --- Inflation --- Deflation --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- International economics --- Economic theory & philosophy --- Exports --- Imports --- Demand elasticity --- Price elasticity --- Export prices --- Elasticity --- Economics --- China, People's Republic of --- International trade --- Elasticity (Economics) --- Econometric models.
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Trade elasticities are often needed in applied country work for various purposes and this paper describes a method for estimating import demand and export supply elasticities withoutusing econometrics. The paper reports empirical estimates of these elasticities for a large number of low, middle, and upper income countries. One task for which trade elasticities are needed is in developing exchange rate assessments and this paper shows how the estimated elasticities can be used for this purpose.
Imports --- Exports --- Elasticity (Economics) --- International trade --- Mathematical models. --- Econometric models. --- Coefficient of elasticity --- Demand elasticity --- Elasticity, Coefficient of --- Elasticity of demand --- Price elasticity of demand --- Demand (Economic theory) --- Economics --- Exports and Imports --- Economic Theory --- Trade: General --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Empirical Studies of Trade --- International economics --- Economic theory & philosophy --- Trade balance --- Supply elasticity --- Elasticity --- Balance of trade --- United States
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The stylized fact that strong economic growth is usually accompanied with strong export growth leads many people to conclude that the export sector is the main driving force behind those episodes. The model in this paper, however, shows that the non-tradable sector may also generate high economic growth together with high export growth. Evidence shows that out of 71 "so-called" export-led growth episodes, only 37 of them are consistent with the "exports driving growth" hypothesis. Most of the remaining episodes (24 cases) experienced significant real exchange rate depreciation and are more likely to be characterized by "growth driving exports".
Exports --- Foreign exchange rates --- Elasticity (Economics) --- Econometric models. --- Coefficient of elasticity --- Demand elasticity --- Elasticity, Coefficient of --- Elasticity of demand --- Price elasticity of demand --- Demand (Economic theory) --- Economics --- International trade --- Exports and Imports --- Foreign Exchange --- Economic Theory --- Production and Operations Management --- Trade: General --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- International economics --- Currency --- Foreign exchange --- Economic theory & philosophy --- Macroeconomics --- Export performance --- Real exchange rates --- Labor productivity --- Elasticity --- Hong Kong Special Administrative Region, People's Republic of China
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This paper estimates the short-term and long-run price and income elasticity of Indian exports, and investigates the role of supply-side bottlenecks in shaping India’s export demand relationship. We use disaggregated export volume data for 45 Indian industries over the period 1990-2013, as well as industry-specific international relative prices, for estimation. Our results indicate that Indian exports are sensitive to international relative-price competitiveness, world demand, and energy shortages. In addition, binding supply-side constraints (notably energy shortages) dampen price responsiveness in the short-term.
Elasticity (Economics) -- India. --- Exports -- India. --- India -- Supply and demand. --- Exports and Imports --- Macroeconomics --- Empirical Studies of Trade --- 'Panel Data Models --- Spatio-temporal Models' --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Trade: General --- Price Level --- Inflation --- Deflation --- Personal Income, Wealth, and Their Distributions --- International economics --- Exports --- Export performance --- Price elasticity --- Personal income --- Export prices --- International trade --- Prices --- National accounts --- Income --- India --- Panel Data Models --- Spatio-temporal Models
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We examine the interest rate elasticity of housing prices, advancingthe empirical literature in two directions. First, we take a commonly used cross-country panel dataset and evaluate the housing price equation using a consistent estimator in the presence of endogenous explanatory variables and a lagged dependent variable. Second, we carry-out a novel analysis of determinants of residential housing prices in a cross-section of countries. Our results show that the short-term interest rate, and hence monetary policy, has a sizable impact on residential housing prices.
Interest rates --- Elasticity (Economics) --- Housing --- Econometric models. --- Prices --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- Coefficient of elasticity --- Demand elasticity --- Elasticity, Coefficient of --- Elasticity of demand --- Price elasticity of demand --- Social aspects --- City planning --- Dwellings --- Human settlements --- Demand (Economic theory) --- Economics --- Banks and Banking --- Infrastructure --- Real Estate --- Industries: Financial Services --- Housing Supply and Markets --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Interest Rates: Determination, Term Structure, and Effects --- Real Estate Markets, Spatial Production Analysis, and Firm Location: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Property & real estate --- Macroeconomics --- Finance --- Housing prices --- Short term interest rates --- Real estate prices --- Saving and investment --- United States
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This paper finds that the estimates of Armington elasticities (the elasticity of substitution between groups of products identified by country of origin) obtained from multilateral trade data can differ from those obtained from bilateral trade data. In particular, the former tends to be higher than the latter when trade consists largely of intermediate inputs. Given that the variety of intermediate inputs traded across borders is increasing rapidly, and that the effect of this increase is not adequately captured in multilateral trade data, the evidence shows that the use of multilateral trade data to estimate Armington elasticities needs caution.
Elasticity (Economics) --- Commercial policy --- International trade --- Foreign trade policy --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Coefficient of elasticity --- Demand elasticity --- Elasticity, Coefficient of --- Elasticity of demand --- Price elasticity of demand --- Demand (Economic theory) --- Economics --- Econometric models. --- Government policy --- Investments: Commodities --- Exports and Imports --- Industries: Manufacturing --- Empirical Studies of Trade --- Model Construction and Estimation --- Trade Policy --- International Trade Organizations --- Industry Studies: Manufacturing: General --- Agriculture: General --- Trade: General --- International economics --- Manufacturing industries --- Investment & securities --- Manufacturing --- Agricultural commodities --- Multilateral trade --- Plurilateral trade --- Imports --- Economic sectors --- Commodities --- Farm produce --- United States
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