Prices, activity, and machinery exports: an analysis based on new price data

New data for the export prices of the United States, Germany, and Japan produced price elasticities for exports of machinery and transport equipment that were highest for the United States and lowest (well below 1) for Germany. The effects of price changes on exports lasted at least two years in all three countries and possibly four years in the United States. Only in Germany would most effects of price changes take place in the year of the change. U.S. export income in foreign currency would not exceed its pre-depreciation level until the third year after a depreciation.