small impact on pass-through, it nevertheless plays an important role in accounting for the secular rise in imports relative …

Virtually all we know about the behavior of U.S. imports rests on studies estimating income and price elasticities with … U.S. imports consistent with those features of the U.S. economy? Being consistent with the distant past might not appear … suggest that the role of income and prices in determining imports is not known with any precision. This paper offers the first …

countries did fall in 1998, the decline was not as great as in the dollar value of those imports, but reflected a greater slide … six countries that form the heart of this study were the source of 12.5 percent of US non-oil imports in 1998, and the … accrued benefit to the United States of this price collapse may have been as much as a quarter of the value of these imports …