Abstract
We use a highly disaggregated data set on trade between the United States and Japan to answer three questions concerning the composition of trade. First, we ask “how has the composition of US exports to Japan and US imports from Japan changed?” Second, we ask “what are the exchange rate elasticities of each of the commodities and are they different over periods of dollar appreciation versus depreciation?” Third, we ask “are the elasticities systematically related to commodity characteristics such as durability or share of production costs that are fixed?”
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