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010   $a1-4518-7424-3
010   $a9786612844669
010   $a1-282-84466-0
035   $a(CKB)3170000000055402
035   $a(SSID)ssj0001475449
035   $a(PQKBManifestationID)11839883
035   $a(PQKBTitleCode)TC0001475449
035   $a(PQKBWorkID)11486557
035   $a(PQKB)11548547
035   $a(OCoLC)680613460
035   $a(MiAaPQ)EBC1606009
035   $a(IMF)WPIEE2009279
035   $a(EXLCZ)993170000000055402
100   $a20020129d2009      uf             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 10$aElasticity Optimism
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a45 p
225 1 $aIMF Working Papers
300   $aBibliographic Level Mode of Issuance: Monograph
311   $a1-4519-1840-2 
320   $aInclude bibliographical references.
330 3 $aIn most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate substitutability is a weighted average of good-specific elasticities, which in general cannot be inferred from aggregated data. We identify structurally the substitutability in US goods using multilateral trade data. We impose homogeneity, and find an aggregate elasticity similar in value to conventional macroeconomic estimates. It is more than twice larger with sectoral heterogeneity. We discuss the implications in various areas of international economics.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/279
606   $aMonetary policy
606   $aEconomic policy
606   $aExports and Imports$2imf
606   $aMacroeconomics$2imf
606   $aPrice Level$2imf
606   $aInflation$2imf
606   $aDeflation$2imf
606   $aTrade: General$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aInternational economics$2imf
606   $aPrice elasticity$2imf
606   $aImport prices$2imf
606   $aPrice indexes$2imf
606   $aImports$2imf
606   $aConsumption$2imf
606   $aPrices$2imf
606   $aEconomics$2imf
607   $aUnited States$2imf
615  0$aMonetary policy.
615  0$aEconomic policy.
615  7$aExports and Imports
615  7$aMacroeconomics
615  7$aPrice Level
615  7$aInflation
615  7$aDeflation
615  7$aTrade: General
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aInternational economics
615  7$aPrice elasticity
615  7$aImport prices
615  7$aPrice indexes
615  7$aImports
615  7$aConsumption
615  7$aPrices
615  7$aEconomics
712 02$aInternational Monetary Fund.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788221603321
996   $aElasticity Optimism$93741520
997   $aUNINA