By Robert C. Feenstra
Modern and extremely transparent presentation of the mainstream conception of overseas exchange.
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Extra resources for Advanced International Trade: Theory and Evidence
The home autarky equilibrium satisfies a a a a z(p ) = 0, and we have shown above that z*(p ) > 0. It follows that z(p ) + z*(p ) > 0. 1, and started with the foreign autarky price satisfying z*( p a∗ ) = 0, then we could readily prove that z( p a∗ ) < 0, so at the foreign autarky price there is excess supply of good 1 at home. It follows that world excess demand would satisfy z( p a∗ ) + z*( p a∗ ) < 0. Then by continuity of the excess demand functions, there must be a price p, with p a∗ > p > p , such that z(p) + z*(p) = 0.
S. per-capita GDP. S. technology. Columns (3) and (5) report the results of the sign and rank tests, allowing for uniform technological differences δi across countries. Column (6) reports the estimates of δi and column (7) their asymptotic t-statistic for the null hypothesis δi = 1. 2.
9 See Leamer and Bowen (1981) and Aw (1983). 2-19 Feenstra, Advanced International Trade The careful reader might point out, however, that possible differences in the sign pattern i i w -1 of βˆ and (V – s V ) can presumably be checked for using the actual data on (AA') . This is exactly the approach taken by Bowen and Sveikaukus (1992), who argue that such sign reversals are very unlikely to occur in practice. 10 As a descriptive tool to show how trade is related to industry factor requirements this regression makes good sense, but as a definitive test of the HOV Theorem it is inadequate for the reasons we have described.