National Incomes and International Trade

actual aggregate analysis assumption average balance of payments balance of trade base period billions of 1928 capital exports change in i's Chapter commodity category components computed consumption consumption function contraction cost-of-living index deflated domestic production economic effect equation system exogenous variables export prices exports to members figures food imports food production Germany Group i's income import function import propensity import volume imports and exports in-trade income change increase independent variable index 1928 base indices industrial countries industrial output interwar period League of Nations magnitudes manufactured manufactured-goods imports marginal propensity materials multiple correlation national income norm normal obtained out-trade percent price index price ratio price variable primaries countries Ratio Coefficients raw-material imports regard relation relative reliable simple correlation standard error Stat statistical subperiods substitution Table terms of trade tion total imports total-merchandise trade balance United Kingdom weighted wholesale prices Y₁ Y₂