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Modeling Imports in a Keynesian Expenditure Model

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  • David W. Findlay

Abstract

The author discusses several issues that instructors of introductory macroeconomics courses should consider when introducing imports in the Keynesian expenditure model. The analysis suggests that the specification of the import function should partially, if not completely, be the result of a simple discussion about the spending and import behaviors of the household, firm, and government sectors. The analysis also indicates that instructors who use certain import functions that are in some introductory textbooks will inadvertently impose restrictions on the model and potentially confuse students. The author examines several implications of the specification proposed by Robert Cherry (2001) and shows how the restrictions imposed by Cherry's specification make it difficult for instructors to present certain types of economic events and policies. The import function discussed here avoids these restrictions and allows instructors to present more easily certain types of examples.

Suggested Citation

  • David W. Findlay, 2010. "Modeling Imports in a Keynesian Expenditure Model," The Journal of Economic Education, Taylor & Francis Journals, vol. 41(3), pages 306-313, June.
    • Handle: RePEc:taf:jeduce:v:41:y:2010:i:3:p:306-313
    DOI: 10.1080/00220485.2010.486734
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    References listed on IDEAS

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    1. Benavie, Arthur, 1973. "Imports in Macroeconomic Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 530-532, June.
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