The Elasticity of Substitution in Demand for Non-Tradable Goods in Latin America: The Case of Argentina

Martin Gonzalez-Rozada, Pablo Neumeyer, Alejandra Clemente, Diego Luciano Sasson and Nicholas Trachter

No 3179, Research Department Publications from Inter-American Development Bank, Research Department

Abstract: The objective of this paper is to estimate the elasticity of substitution in the demand for non-tradable goods relative to tradable goods in Argentina. This parameter plays a crucial role in the analysis of the macroeconomic equilibrium of a small open economy (Mendoza, Galindo and Izquierdo, 2003). Using two data sets, estimates of approximately 0. 40 and 0. 48, respectively, are found for this elasticity.

Date: 2004-08
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