The Impact of Changes in Real Income and the Real Effective Exchange Rate on Trade in Goods and Services
利用15个发达经济体的商品和服务进出口数据，估计了长期内进出口需求的收入和价格弹性，发现收入变化对服务需求的影响通常大于商品，而实际有效汇率贬值对多数经济体出口有正向影响。
ABSTRACT We use foreign trade data on both imports and exports of goods and services among a group of 15 advanced economies to determine the incomes and price elasticities of demand for exports and imports of goods, services and goods and services combined in the long run. We find that changes in foreign and domestic income have, as expected, a positive long‐run impact on the demand for exports and imports, respectively, with the impact of income changes being typically greater on the demand for services than on the demand for goods. We also confirm that a depreciation in the real effective exchange rate leads to an increase in exports for most of the economies, while the impact on the demand for imports is mixed. Finally, we find a large degree of heterogeneity in the income and price elasticities of demand for trade in goods and services among the 15 economies.