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Book
Price elasticities of housing supply
Authors: --- ---
Year: 1982 Publisher: Santa Monica, CA : RAND Corporation,

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Abstract

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.


Book
Income elasticity of housing demand : housing assistance supply experiment
Authors: ---
Year: 1979

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Book
Trade Elasticities in the Middle East and Central Asia : What is the Role of Oil?
Authors: ---
ISBN: 1451915276 1462351751 1451870744 9786612841675 128284167X 1452793476 Year: 2008 Volume: WP/08/216 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
Inflation Uncertainty and Relative Price Variability in WAEMU Countries
Authors: --- ---
ISBN: 146232634X 1455255262 1283556049 9786613868497 145522300X Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
China’s Changing Trade Elasticities
Authors: ---
ISBN: 1462394159 1452749094 1283518902 145191282X 9786613831354 Year: 2007 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
A Method for Calculating Export Supply and Import Demand Elasticities
Authors: ---
ISBN: 1462300243 1455299995 1282846523 9786612846526 1455202142 Year: 2010 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.


Book
An Analysis of So-Called Export-led Growth
Author:
ISBN: 1451915314 1451992327 1451870787 1282841718 9786612841712 1462339646 Year: 2008 Volume: WP/08/220 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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".


Book
Price and income elasticity of Indian exports
Authors: --- ---
ISBN: 1513508741 1513597205 1513548670 9781513508740 9781513597201 9781513548678 Year: 2015 Publisher: [Washington, D.C.] International Monetary Fund

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Abstract

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.


Book
Interest Rate Elasticity of Residential Housing Prices
Authors: --- ---
ISBN: 1451915586 1462307353 128284198X 1451871058 9786612841989 1452761183 Year: 2008 Volume: WP/08/247 Publisher: Washington, D.C. : International Monetary Fund,

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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.


Book
Armington Elasticities in Intermediate Inputs Trade : A Problem in Using Multilateral Trade Data
Author:
ISBN: 1462342000 1452789657 1283555840 9786613868299 1451891857 Year: 2004 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

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.

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