Conclusions

  • Jaime Marquez
Part of the Advanced Studies in Theoretical and Applied Econometrics book series (ASTA, volume 39)

Abstract

This book deals with the question of how useful existing trade elasticities are. For some economists, usefulness means being able to translate assumptions about future expenditures and relative prices into accurate projections for external imbalances. With such projections, one can anticipate the implications for economic performance and design alternative policy responses. Therefore, these practitioners favor a framework where predictive accuracy is of the essence, and they might, in choosing elasticities, be willing to put aside conflicts with theory for the sake of predictive accuracy.

Keywords

Predictive Accuracy Price Elasticity Income Elasticity Relative Prex Import Price 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© Springer Science+Business Media Dordrecht 2002

Authors and Affiliations

  • Jaime Marquez
    • 1
  1. 1.Federal Reserve BoardUSA

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