Import elasticities revisited / Pingfan Hong

Should the long run income elasticity of aggregate import demand be equal to one, as implied by the neoclassical demand theory? Why are many empirical estimates of income elasticities not equal to one, and why are some of them very high? The author addresses these and some other related questions by revisiting the relevant theories and empirical modeling frameworks.

11 p. : table

Includes bibliographical references.