A comparison of estimated import-demand equations between the U.S. and its main trading partners shows that the U.S. has a higher income of import demand than its trading partners: and that its elasticity exhibited a quantum jump in the years since 1995. Thus, if all countries experienced the...

A comparison of estimated import-demand equations between the U.S. and its main trading partners shows that the U.S. has a higher income elasticity of import demand than its trading partners; and that its elasticity exhibited a quantum jump in the years since 1995. Thus, if all countries...