John S. Chipman
University of Minnesota, Minneapolis
Election Year: 1993
Primary Section: 54, Economic Sciences
Membership Type: Member
My research may be divided into roughly three categories. The first is international trade. This includes the effects on a country of changes in world prices, the effects of tariffs, subsidies, and quotas, the relation between tariffs and exchange rates, and the impacts of international capital movements into or out of a country on its "terms of trade," its currency's exchange rate, and on internal prices and resource allocation. Empirical work covers Germany, Sweden, and the United States. The second is econometrics. Development and implementation of econometric methods that take account of "multicollinearities" (parallel movements) in the data, the development of an optimal classification system for handling international trade data, the study of efficiency of least-squares procedures in the presence of autocorrelated disturbances, of biased estimators with lower mean-square error than least squares, and, generally, matrix methods in statistics. The last area is welfare economics and rational consumer choice. The development of necessary and sufficient conditions under which conventional welfare indicators correctly measure economic well-being. This includes GDP as a measure of general welfare, the CPI as a measure of the cost of living, and various "consumer's surplus" measures as indicators of individual welfare.