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Index
Aggregation
across commodities, 43, 52, 58,
77
across countries, 22, 24
across individuals, 64
Almost Ideal model, 12-14, 30, 59,
80, 81, 85
ARCH, 19
Asian
economic activity, v, 27
exports, 92, 94, 97, 103, 104
immigration into the United States,
49
imports, 92, 94, 104
trade, 6, 23, 91, 101, 114
trade elasticities, 58
Augmented Dickey-Fuller test, 18,
62, 112

Canada, 4, 27
Carporale-Chui, 26, 57, 58, 101, 102
Cline, 3, 23, 25, 57, 58, 101, 102
Cobb-Douglas specification, 9, 10
Cointegration
Engle-Granger, 103, 104
Johansen, 18, 51, 79, 84, 88,
92, 94, 96, 103, 104
Constant returns to scale, 8, 9
Crisis
Asian, v, 92, 105
debt, v
Cyclical, 17, 18, 41, 42, 51
Cyclical factors, 42, 93

Bias
foreign-product, 49, 51, 64, 65,
67
price, model of, 51, 52, 68, 77,
100
sampling, 38, 45, 46, 52, 58, 79
simultaneity, 51
statistical, 18, 4D-43, 45, 53,
68, 94, 103
substitution, 40, 44, 47, 75, 114
Budget constraint, 10, 11

Elasticity
constancy, vi, 3, 4, 7, 8, 11, 13,
14, 16, 37, 67, 68, 81, 84,
85, 89, 105
income, 1-6, 8-12, 14, 16, 17,
21-24, 27, 29, 37, 38, 4Q46, 52-56, 58, 62, 84, 89,
90, 94, 96, 100, 101, 103,
104, 113, 114
defined, 3
of substitution, 9, 36, 45
133

Demographic
factors, 58
translating, 80

INDEX

134
price, 2, 3, 6, 9, 11, 13, 17, 24,
27, 49, 52-56, 58, 59, 84,
89, 94, 96, 100, 103, 104,
113
puzzle, 5, 14, 23, 29, 37, 38, 40,
42-45, 47, 49, 54, 58, 75,
79, 80, 90, 101
Entrep6t, 38, 94
Exchange rates, 1, 2, 4, 5, 55, 93,
97, 98, 100
Feenstra, 38, 45, 46
Forecasting, 46
errors, 20
methods, 42
periods ahead, 20
France, 27
FRB/Global model, 111
G-7, 3, 6, 22-24, 27, 57, 93, 100,
114
GATT, 85
Germany, 24
Gini coefficient, 66
Gold Standard, 84
Haynes-Stone, 42
Helkie-Hooper, 38, 44-46
Hodrick-Prescott filter, 44
Homoskedasticity, 19, 28, 30, 52,
53,55
Homothetic, 36
Homothetic preferences, 11
Houthakker-Magee, 3, 5, 13, 14, 23,
24, 27-29, 37, 38, 44, 45,
51, 67, 89, 90
Immigration, 40, 44, 47, 49, 51, 52,
54, 61, 62, 64-67, 77, 80,
82

Act of 1990, 82
data, 82
illegal, 87, 88
Intermediate products, 7, 8
Italy, 27
Japan, 3, 24, 25, 27, 30, 92
Jarque-Bera, 19
Khan-Ross, 41
Kohli, 1, 7-10, 40
Korea, 6, 93, 96, 98, 104, 111
Korean War, 85
Leontieff, 34
Malaysia, 6, 38, 93, 96, 98, 100
Marginal budget share, 12
Monetary Union, 1
Murray-Ginman, 42
Normality, 19, 28, 30, 52, 53, 55,
80,85
Optimization, 4, 5, 7-9, 11, 13, 14,
58, 59, 80,82, 86
Ordinary Least Squares, 43
Philippines, 6, 93, 96, 103, 104, 106,
111
PIGLOG specification, 12
Prediction, 113
out of sample, 10
Predictions, v, vi, 43, 105, 113, 114
errors, 14, 16, 59, 82
one period ahead, 68
Price
homogeneity, 29, 41-43
official, 45, 47

INDEX

135

relative, 2, 5, 12, 14, 16, 18, 24,

28, 37, 38, 40, 43, 46, 49,
50, 56, 60, 63, 64, 66, 77,
91,93,94,96,98, 104,112,
113
substitution bias, 44, 45
Price controls, 85
Price-bias model, 51-54, 56
Product differentiation, 103
Rotterdam model, 12-14, 30, 59,
80, 81, 85
Rybcyzinski, 40
Secular, 41, 51
Secular factors, 93
Serial independence, 19, 28, 30, 52,
53, 55, 75
Spectral, 42
Stationarity, 62, 112
Trade identity, 21-24, 55, 56, 58,
93, 100, 114
Translog, 10, 33-35
Trend,27,29,38,40,42-44,47,58,
64, 75, 76, 82, 114

U.S. current account, v

United Kingdom, 24, 27
United States
asymmetry of income elasticities, 24
immigration, 40, 44, 47, 61, 65
oil, 77
price controls, 85
self sufficiency, 5, 38, 114
Viet Nam War, 85

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