Adjustment Costs and Rational Expectations: An Application to a Tobacco Export Model
在希腊烟草出口模型中明确纳入调整成本并引入理性预期，发现调整成本导致短期与长期反应差异巨大，有助于解释出口演变，并提示若妥善处理调整成本，国际贸易中可能发现更高弹性。
Abstract The effect of adjustment costs on international trade has been captured in an ad hoc fashion in past analysis, whereas a certainty environment is many times assumed. In this article adjustment costs are explicitly considered in the modeling procedure of tobacco exports from Greece, and rational expectations are introduced. The results are consistent with considerable price competition, and a large difference between immediate and long‐run responses, due to adjustment costs, that explain in part the evolution of tobacco exports from Greece and suggest that higher elasticities might be found in international trade if adjustment costs are properly treated.