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New Product Varieties and the Measurement of International Prices

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  • Feenstra, Robert C

Abstract

The high income elasticity of demand often estimated for U.S. imports may be a spurious result of omitting new product varieties from the import price indexes. The purpose of this paper is to demonstrate how to incorporate new product varieties into a constant-elasticity-of-substitution aggregate of import prices. This method is applied to U.S. imports of six disaggregate manufactured goods. It is shown that the corrected indexes are able to account for part--but not all--of the high income elasticities. Copyright 1994 by American Economic Association.

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  • Feenstra, Robert C, 1994. "New Product Varieties and the Measurement of International Prices," American Economic Review, American Economic Association, vol. 84(1), pages 157-177, March.
    • Handle: RePEc:aea:aecrev:v:84:y:1994:i:1:p:157-77
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