This distinctive book sets forth, on an advanced level, various
methods for the quantitative measurement of important relationships
at issue in areas of the balance of payments and international
trade and welfare. The results achieved in recent studies are
presented and the directions for new research are indicated. This
book is composed of two main parts.Part I deals with the balance of
payments and consists of the first half of the book. One of the
longest and almost important chapters of this part talks about, at
length the time-series analysis of the demand for imports and
exports from the point of view of an individual country. This
subject has a long and somewhat checkered history dating from the
1940's, when a number of estimates using least squares multiple
regression methods were made of import and export demand functions
for the interwar period. The noteworthy feature of many of these
estimates was that they suggested relatively low price elasticities
of demand in international trade. The implication was thus drawn
that the international price mechanism could not be relied on for
balance-of payments adjustment purposes.This book talks about the
topics of theory and measurement of the elasticity of substitution
in international trade, estimating the international capital
movements, and forecasting and policy analysis with econometric
models. Part II deals with international trade and welfare. While,
there are many other books dealing with trade theory, this title
focuses on a narrower range of topics that are not always mentioned
or understood by individuals, such as the theory and measurement of
trade dependence and interdependence, the analysis of the component
factors a country has that affects how its export growth is over
time, and the welfare effects of trade liberalizationThis book
serves as a guide and reference work for economics graduate
students, academicians, and practicing economists in private and
governmental circles. They will find this book a valuable and
highly useful.Edward E. Leamer is Chauncey J. Medberry Professor of
Management at the UCLA department of Economics. He is a research
associate at the National Bureau of Economic Research, a fellow at
the American Academy of Arts and Sciences and the Econometric
Society, and director of the UCLA Anderson Forecast. He has
published over 100 articles and 4 books.Robert M. Stern is
Professor emeritus of Economics and Public Policy at The University
of Michigan, Ann Arbor. He is the co-director of the Research
Seminar in International Economics at the Gerald R. Ford School of
Public Policy. He is also head of the Ford School International
Concentration and the Ford school program of research on U.S. Japan
international economic relations.
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