Adjustment Costs and Rational Expectations: An Application to a Tobacco Export Model
作者:
George P. Zanias,
期刊:
American Journal of Agricultural Economics
(WILEY Available online 1987)
卷期:
Volume 69,
issue 1
页码: 22-29
ISSN:0002-9092
年代: 1987
DOI:10.2307/1241302
出版商: Oxford University Press
数据来源: WILEY
摘要:
AbstractThe 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.
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