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Measuring business cycles approximate band-pass filters for economic time series

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M Baxter… - 1995 - nber.org
This paper develops a set of approximate band-pass filters designed for use in a wide range
of economic applications. In particular, we design and implement a specific band-pass filter
which isolates business-cycle fluctuations in macroeconomic time series. This filter was ...
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Fiscal policy in general equilibrium

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M Baxter… - The American Economic Review, 1993 - JSTOR
This paper studies four classic fiscal-policy experiments within a quantitatively restricted
neoclassical model. Our main findings are as follows:(i) permanent changes in government
purchases can lead to short-run and long-run output multipliers that exceed 1;(ii) ...
Cited by 937 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 18 versions

Business cycles and the exchange rate system: Some international evidence

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M Baxter… - 1990 - nber.org
This paper investigates empirically the differences in time? series behavior of key economic
aggregates under alternative exchange rate systems. We use a postwar sample of 49
countries to compare the behavior of output. consumption, trade flows, government ...
Cited by 731 - Related articles - Library Search - All 17 versions

Explaining saving--investment correlations

[PDF] from nd.edu
M Baxter… - The American Economic Review, 1993 - JSTOR
National saving and investment rates are highly positively correlated in virtually all countries.
This is puzzling, as it apparently implies a low degree of international capital mobility. This
paper shows that the observed positive correlation between national saving and ...
Cited by 645 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 17 versions

Business cycles and the asset structure of foreign trade

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M Baxter… - 1994 - nber.org
International financial market linkages are widely believed to be important for the
international transmission of business cycles, since these govern the extent to which
individuals can smooth consumption in the presence of country-specific shocks to income. ...
Cited by 560 - Related articles - Library Search - BL Direct - All 29 versions

The international diversification puzzle is worse than you think

[PDF] from sciences-po.fr
M Baxter… - 1995 - nber.org
Although international financial markets are highly integrated across the more well-
developed countries, investors nevertheless hold portfolios that consist nearly exclusively of
domestic assets. This violation of the predictions of standard theories of portfolio choice is ...
Cited by 495 - Related articles - Library Search - BL Direct - All 20 versions

International trade and business cycles

M Baxter - Handbook of international economics, 1995 - Elsevier
Chapter 35 INTERNATIONAL TRADE AND BUSINESS CYCLES MARIANNE BAXTER*
University of Virginia Contents 1. Introduction 2. Business cycles and the current account in
open economies 2.1. Filtering issues 2.2. Open economy business cycles 2.3. The current ...
Cited by 383 - Related articles - BL Direct - All 13 versions

Determinants of business cycle comovement: a robust analysis

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M Baxter… - Journal of Monetary Economics, 2005 - Elsevier
This paper investigates the determinants of business cycle comovement between countries.
Our dataset includes over 100 countries, both developed and developing. We search for
variables that are “robust” in explaining comovement, using the approach of Leamer ( ...
Cited by 308 - Related articles - Library Search - BL Direct - All 26 versions

Real exchange rates and real interest differentials:: Have we missed the business-cycle relationship?

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M Baxter - Journal of Monetary Economics, 1994 - Elsevier
Abstract This paper investigates the link between real exchange rates and real interest
differentials over the recent floating-rate period. In contrast to earlier econometric studies, we
find evidence of a relationship, with the strongest link at trend and business-cycle ...
Cited by 236 - Related articles - All 7 versions

[PDF] Productive externalities and business cycles

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M Baxter… - Institute for Empirical Macroeconomics discussion …, 1991 - mpls.frb.org
Abstract This paper begins with the observation that the volatility of factor input growth is
insufficient to explain the volatility in the growth rate of output, and explores the empirical
plausibility of the hypothesis that this fact is due to the presence of productive externalities ...
Cited by 189 - Related articles - All 13 versions

Nontraded goods, nontraded factors, and international non-diversification

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M Baxter, UJ Jermann… - Journal of International Economics, 1998 - Elsevier
Can the presence of nontraded consumption goods or nontraded factors of production
explain the high degree of “home bias” displayed by investor portfolios? We find that the
answer is no, so long as individuals have access to free international trade in financial ...
Cited by 133 - Related articles - Library Search - BL Direct - All 15 versions

Household production and the excess sensitivity of consumption to current income

[PDF] from bu.edu
M Baxter… - 1999 - nber.org
Empirical research on the permanent income hypothesis (PIH) has found that consumption
growth is excessively sensitive to predictable changes in income. This finding is interpreted
as strong evidence against the PIH. We propose an explanation for apparent excess ...
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Fiscal policy, specialization, and trade in the two-sector model: The return of Ricardo?

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M Baxter - Journal of Political Economy, 1992 - JSTOR
This paper develops a two-sector neoclassical model of international trade with endogenous
capital accumulation and intertemporal optimization. In contrast to the traditional" 2× 2× 2"
model, there is a Ricardian implication that countries specialize according to comparative ...
Cited by 106 - Related articles - Get it from MIT Libraries - Library Search - All 20 versions

Are consumer durables important for business cycles?

[PDF] from bu.edu
M Baxter - The Review of Economics and Statistics, 1996 - JSTOR
This paper investigates whether consumer durables are important for the generation and
propagation of business cycles. We construct a two-sector model that succeeds in
generating business cycles that mimic empirical patterns of cross-sector volatility and ...
Cited by 103 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 9 versions

The role of expectations in stabilization policy

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M Baxter - Journal of Monetary Economics, 1985 - Elsevier
Abstract This paper develops and tests a theory of the process by which private agents in an
economy form expectations about government policy. Agents form and update their beliefs
about the true state of government policy in a Bayesian fashion. The 'credibility'of a policy ...
Cited by 91 - Related articles - All 6 versions

Business cycles, stylized facts, and the exchange rate regime: evidence from the United States

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M Baxter - Journal of International Money and Finance, 1991 - Elsevier
Abstract This paper investigates the robustness of central maroeconomic 'stylized facts' to (i)
commonly-employed detrending methods, and (ii) the exchange rate regime. We find that
the stylized facts are not at all robust to the choice of detrnding method, with the most ...
Cited by 65 - Related articles - All 7 versions

Approximating suboptimal dynamic equilibria:: An Euler equation approach

[PDF] from frb.org
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M Baxter - Journal of Monetary Economics, 1991 - Elsevier
Abstract This paper develops a method for numerical approximation of dynamic competitive
equilibria which can be applied quite generally. This method produces approximations to
the equilibrium decision rules via a direct attack on the stochastic Euler equations which ...
Cited by 57 - Related articles - Library Search - All 13 versions

[CITATION] Productive externalities and cyclical volatility

M Baxter… - Center for Economic Research, University of Rochester …, 1990
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What Causes Fluctuations in the Terms of Trade?

M Baxter… - 2000 - nber.org
This paper investigates the sources of terms of trade volatility, specifically addressing the
relative importance of goods-price effects vs. country-price effects. For fuel exporters, most of
the terms of trade variation stems from goods-price effects, as one would have expected, a ...
Cited by 38 - Related articles - Library Search - BL Direct - All 8 versions

Solving the stochastic growth model by a discrete-state-space, Euler-equation approach

M Baxter, MJ Crucini… - Journal of Business & Economic …, 1990 - JSTOR
This article describes a method for computing approximate equilibria for stochastic dynamic
economies. The method is of general interest because it allows straightforward computation
of equilibria in a wide class of economies in which equilibrium is not Pareto optimal. The ...
Cited by 35 - Related articles - Get it from MIT Libraries - All 6 versions

Variable capital utilization and international business cycles

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M Baxter… - Journal of International Economics, 2005 - Elsevier
This paper develops a two-country international business-cycle model with variable capital
utilization, using a standard depreciation-in-use technology. Variable capital utilization
significantly reduces the required size of productivity shocks needed to replicate observed ...
Cited by 36 - Related articles - All 12 versions

Variable factor utilization and international business cycles

[PDF] from espol.edu.ec
M Baxter… - 2001 - nber.org
When an economic boom produces high output, employment, and investment in the United
States, there is usually a simultaneous boom in other industrialized countries. But, why?
Answering this question is a central goal of international macroeconomics. However, multi ...
Cited by 34 - Related articles - Library Search - BL Direct - All 10 versions

[CITATION] VBusiness cycles and the asset structure of foreign tradeV

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M Baxter… - International Economic Review, 1995
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Trade structure, industrial structure, and international business cycles

[PDF] from psu.edu
M Kouparitsas… - 2003 - papers.ssrn.com
Abstract: This paper examines the extent to which the composition of a country's production
and trade differs among its trade partners. For example, does the US export the same
bundle of goods to the UK as it does to Japan? If we find high dispersion in a country's ...
Cited by 29 - Related articles - All 43 versions

What determines bilateral trade flows?

[PDF] from bcrp.gob.pe
M Baxter… - 2006 - nber.org
This paper undertakes an exhaustive search for robust determinants of international trade,
where" robustness" is tested using three popular empirical methods. The paper is frankly
atheoretical: our goal is solely to establish statistically robust relationships. Along the way, ...
Cited by 28 - Related articles - Library Search - BL Direct - All 13 versions

What Can Account for Fluctuations in the Terms of Trade?*

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M Baxter… - International Finance, 2006 - Wiley Online Library
* For helpful comments and criticisms, we are grateful to participants in several conferences,
as well as the referees and editors of this journal. All errors and omissions are our own. The
views expressed herein are those of the authors and not necessarily those of the Federal ...
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[PDF] The role of international investment in a privatized social security system

[PDF] from nber.org
M Baxter… - 2001 - nber.org
Many proposals to reform the current social security system would permit the investment of
retirement funds in risky assets such as equities. Under some proposals, the government
would invest in risky assets on the individual's behalf. Under other proposals, these assets ...
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Social security as a financial asset: Gender-specific risks and returns

[PDF] from bu.edu
M Baxter - 2001 - nber.org
Social Security is a financial asset whose'purchase'is compulsory for most working
individuals; the return during the individual's working lifetime is related to the rate of change
of aggregate labor income. If an individual's labor income is strongly related to aggregate ...
Cited by 19 - Related articles - BL Direct - All 17 versions

The effects of variable capital utilization on the measurement and properties of sectoral productivity: some international evidence

[PDF] from bc.edu
M Baxter… - 2001 - nber.org
This paper explores how accounting for variations in factor utilization rates alters the
empirical characteristics of productivity residuals in the United States and Canada. Using
data on 19 manufacturing industries, we study the behavior of productivity using three ...
Cited by 18 - Related articles - Library Search - BL Direct - All 8 versions

[BOOK] What can account for fluctuations in the terms of trade?

[PDF] from bu.edu
M Baxter, MA Kouparitsas… - 2000 - papers.ssrn.com
Abstract: Fluctuations in the terms of trade the price of a country's exports relative to the price
of its imports are a source of perennial concern to policymakers in developing countries and
industrialized nations alike. Terms of trade growth is extremely volatile and can lead to ...
Cited by 17 - Related articles - Get it from MIT Libraries - Library Search - All 29 versions

[PDF] Rational response to unprecedented policies: The 1979 change in federal reserve operating procedures

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M Baxter - Carnegie-Rochester Conference Series on Public …, 1989 - people.bu.edu
In October of 1979, the US Federal Reserve Board undertook a major, unprecedented
change in its operating procedures. The Fed announced that it was switching from a policy
under which nominal interest rates were the primary policy instrument to a policy of ...
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[CITATION] Financial market linkages and the international transmission of fiscal policy

M Baxter - RCER Working Papers, 1992 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
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Synthetic returns on NIPA assets: an international comparison

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M Baxter, UJ Jermann… - European Economic Review, 1998 - Elsevier
The components of national income and product–such as consumption, investment,
government purchases, exports, and imports–may be usefully viewed as nontraded assets
that yield flows ofdividends' over time. Many open questions in public finance and ...
Cited by 13 - Related articles - All 8 versions

[CITATION] Multipliers in Equilibrium Business Cycle Models

M Baxter… - RCER Working Papers, 1988 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
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[CITATION] Explaining saving

M Baxter… - 1990 - investment correlations.'Working …
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[CITATION] Dynamic Real Trade Models: New Directions for Open Economy Macroeconomics

M Baxter - Rochester Center for Eco nomic Research, University …, 1988
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[CITATION] Toward an empirical assessment of game-theoretic models of policymaking: A comment

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M Baxter - Carnegie-Rochester Conference Series on Public …, 1988 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
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[PDF] Rational Expectation Models with Censored Variables

[PDF] from rochester.edu
M Baxter - … Center for Economic Research, Working Paper, 1987 - rcer.econ.rochester.edu
ABSTRACT This paper develops methods for solving and estimating rational expectations
models with censored variables. The novel feature of the model is that private agents'
decision rules depend on expectations of the censored variables. Appropriate ...
Cited by 7 - Related articles

[CITATION] mFiscal Policy

M Baxter - Specialization, and Trade in the Two $ Sector Model: …, 1992
Cited by 6 - Related articles

[CITATION] Real Exchange Rates, Real Interest Differentials, and Government Policy: Theory and Evidence

M Baxter - 1992
Cited by 6 - Related articles

[CITATION] The liquidity effect in general equilibrium

M Baxter, S Fisher, RG King… - Manuscript. University of Rochester, 1990
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Money and market incompleteness in overlapping generations models

[PDF] from bu.edu
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M Baxter - Journal of Monetary Economics, 1989 - Elsevier
Abstract This paper investigates the extent to which the character of equilibria in stochastic
overlapping generations models stems from the model's generic market incompleteness. In
addition, it addreses the question of whether money serves to complete markets in these ...
Cited by 6 - Related articles - All 7 versions

[CITATION] International Trade and Business Cycles

B Marianne - Handbook of International Economics, Elsevier. …, 1995
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[PDF] Detecting Household Production

[PDF] from frb.org
M Baxter… - University of Boston, manuscript, 2009 - mpls.frb.org
ABSTRACT The economics of household choice has occupied an important position in both
microeconomics and macroeconomics since Becker's (1965) pioneering work. Yet our
empirical understanding of the household sector is hampered by the absence of ...
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[PDF] Fiscal Externalities and Optimal Taxation in an Economic Community

[PDF] from nber.org
M Baxter… - NBER International Seminar on Macroeconomics …, 2005 - nber.org
The Stability and Growth Pact is a continuing source of economic controversy within Europe.
The pact is aimed at enforcing fiscal discipline on the member states of Europe, with the twin
objectives of (1) maintaining the conditions for sustainable real growth in output and ...
Cited by 4 - Related articles - View as HTML - All 13 versions

[CITATION] Productive externality and cyclical volatility

B Marianne… - 1992 - Working paper 245, University of …
Cited by 3 - Related articles

[CITATION] International business cycles

M Baxter - Handbook of International Economics, North Holland, …, 1995
Cited by 3 - Related articles

[CITATION] J., 1997, HThe international diver) sification puzzle is worse than you think,"

M Baxter… - American Economic Review, March
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[CITATION] Explaining Saving-Investment Correlations. University of Rochester

M Baxter… - 1990 - Working Paper
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[CITATION] Rational Expectations Models with Censored Dependent Variables

M Baxter - 1987 - Working Paper
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[CITATION] Measuring Business Cycles: Approximate Band-Pass Filters for Economic Time Series, National Bureau of Economic Research, Working Paper No. 5022

M Baxter… - 1995
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[CITATION] Business Cycles and the Exchange Rate System: Some Internat. Evidence

M Baxter… - 1988 - NBER
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[CITATION] 0Household Production and the Excess Sensitivity of Consumption to Current Income, 1 American Economic Review

M Baxter… - Sep, 1999
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[CITATION] Measuring business cycles: Approximate Band-Pass filters for economic time series

M Baxter… - … LIBRARY OF CRITICAL …, 2002 - EDWARD ELGAR PUBLISHING LTD
Cited by 3 - Related articles - BL Direct

[CITATION] Evaluating overlapping generations models

M Baxter - Manuscript, March (University of Rochester, Rochester, …, 1987
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[CITATION] The International Diversification Puzzle Is Worse

M Baxter… - 1997
Cited by 2 - Related articles

[CITATION] Forthcoming. Explaining saving/investment correlations

M Baxter… - American Economic Review
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] Measuring business cycles

M Baxter… - 1995
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[CITATION] Productive Externalities And Cyclical Volatility

RG King… - RCER Working Papers, 1990 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
Cited by 1 - Related articles - Cached - All 4 versions

[PDF] IKEA: Product, Pricing, and Pass) Through

[PDF] from 67.208.38.236
M Baxter… - 2010 - 67.208.38.236
Abstract The multinational retailer IKEA represents a natural laboratory for study) ing
international pricing and product cycle behavior. With 314 stores in 38 countries, IKEA is a
major international presence in retail housewares and furnishings. IKEA is unique among ...
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International Risk Sharing in the Short Run and in the Long Run

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M Baxter - 2011 - nber.org
International risk-sharing has far-reaching implications both for economic policy and for
basic research in economics. When countries do not share risk, individuals in those
countries experience fluctuations in their consumption levels that are undesirable and ...
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[Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories]: Comment

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M Baxter - NBER Macroeconomics Annual, 1995 - JSTOR
The original title of this paper was" Exchange-Rate-Based Stabilizations: Theory and
Evidence." In many ways, my comments will be directed at encouraging the authors to push
this work further in the direction in which I think they originally intended to go-that is, in the ...
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[CITATION] NORTH-HOLLAND

RG KING, CI PLOSSER, HI GROSSMAN, A ABEL… - Journal of Monetary …, 1991
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University of Virginia and NBER

M BAXTER - NBER Macroeconomics Annual 1995, 1996 - books.google.com
The original title of this paper was" Exchange-Rate-Based Stabilizations: Theory and
Evidence." In many ways, my comments will be directed at encouraging the authors to push
this work further in the direction in which I think they originally intended to go—that is, in ...
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[PDF] Federal Reserve Bank of Chicago WP 2000-25

[PDF] from chicagofed.org
M Baxter… - 2000 - chicagofed.org
Abstract Fluctuations in the terms of trade the price of a country, s exports relative to the price
of its imports are a source of perennial concern to policymakers in developing countries and
industrialized nations alike. Terms of trade growth is extremely volatile and can lead to ...
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[PDF] IKEA: Product, Pricing, and Pass) Through Work in progress. Do not quote.

[PDF] from e-perspectives.com
M Baxter… - 2010 - e-perspectives.com
Abstract The multinational retailer IKEA represents a natural laboratory for study) ing
international pricing and product cycle behavior. With 314 stores in 38 countries, IKEA is a
major international presence in retail housewares and furnishings. IKEA is unique among ...
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Institute Staff, Advisory Board and Senior Fellows

MA Wynne, A Chudik, S Davis, A Landry… - … and Monetary Policy … - e-perspectives.com
... Masaaki Shirakawa Governor, Bank of Japan William White Former Head of the
Monetary and Economic Department, Bank for International Settlements Senior Fellows
Marianne Baxter Professor of Economics at Boston University ...
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[CITATION] To order any of these papers in hard copy, see instructions at the end of this list To subscribe to all NBER Working Papers or the papers in a single area, …

AJ Auerbach, P Oreopoulos, A Krueger, A Tomell… - NBER working paper …, 1999
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Aghion, Philippe, 366n8, 369nl2 Aitken, Brian, 345n9 Akeriof, George, 367 Alterman, William, 150t

W Bagehot, W Bailey, R Barrel… - International capital …, 1999 - books.google.com
Name Index Aghion, Philippe, 366n8, 369nl2 Aitken, Brian, 345n9 Akeriof, George, 367
Alterman, William, 150t Bagehot, Walter, 223, 226 Bailey, W., 279, 280 Bank for International
Settlements (BIS), 121t, 141t, 142t, 144, 146, 157t, 159t, 212nl2, 215nl6, 216t, 217, ...
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What Determines Bilateral Trade Flows?

M Kouparitsas… - FRB of Chicago Working Paper No. …, 2005 - papers.ssrn.com
Abstract: This paper undertakes an exhaustive search for robust determinants of
international trade, where robustness is tested using three popular empirical methods. The
paper is frankly atheoretical: our goal is solely to establish statistically robust relationships. ...
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[PDF] FISCAL POLICY II GEIERlL EQUILIBRIUK

[PDF] from rochester.edu
M Baxter… - 1990 - urresearch.rochester.edu
(1) What are the macroeconomic effects of permanent changes in the level of government
purchases? Is there a multiplier effect. ie• does an increase in government purchases bring
about a greater than one-for-one increase in output?
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[CITATION] L Araujo Social norms and money 241 S. Ambler, E. Cardia and C. Zimmermann International business cycles: What are the facts? 257 M. Alexopoulos

RG KING, CI PLOSSER, DK BACKUS, M BAXTER… - journal of monetary …, 2004
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Foster, Gladys Parker, 119 Fratianni, M., 53

K Acheson, A Alchian, L Andersen… - Money, history, and …, 1989 - books.google.com
Name Index Acheson, K., 47 Alchian, A., 72 Andersen, L., 123 Anderson, BL, 31-32 Artis, M.,
94-95, 136 Airfield, CL, 90, 139 Barro, R., 48, 201 Barsky, RB, 40-41 Baxter, Marianne, 158
Bernanke, B., 23-24 Berry, TS, 50 Blanchard, D., 24 Bomhoff, E., 164 Bordo, Michael, 15, ...
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[PDF] Barro, Robert J., 25n16, 227n2, 484n10, 526nn15, 16, 533 Barsky, Robert, 250n20 Bartel, Ann, 203 Bartelsman, Eric J., 38n26, 267n33, 268n34

[PDF] from nber.org
P Adler, D Aigner, WH Andrews Jr, L Argotte… - Adler - nber.org
Barro, Robert J., 25n16, 227n2, 484n10, 526nn15,16, 533 Barsky, Robert, 250n20 Bartel,
Ann, 203 Bartelsman, Eric J., 38n26, 267n33, 268n34, 303n1, 308, 309, 310, 311, 312n10,
314, 318, 323, 355 Basu, Susanto, 21, 226n1, 228, 237, 243n12, 247, 253-54, 256, ...
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[CITATION] Nber International Seminar on Macroeconomics 2005: Fiscal Externalities and Optimal Taxation in an Economic Community

M Baxter… - NBER Book Chapter, 2005 - papers.ssrn.com
The Stability and Growth Pact is a continuing source of economic controversy within Europe.
The pact is aimed at enforcing fiscal discipline on the member states of Europe, with the twin
objectives of (1) maintaining the conditions for sustainable real growth in output and ...
Related articles

Trade structure, industrial structure and international business cycles, Federal Reserve Bank of Chicago Working paper 200230

M Baxter… - 2002 - Citeseer
Abstract This paper examines the extent to which the composition of a country's production
and trade differs among its trade partners. For example, does the US export the same
bundle of goods to the UK as it does to Japan? If we find high dispersion in a country's ...
Cached - All 2 versions

[PDF] REVIEW Vol. 36, NO. 4

[PDF] from sfu.ca
Full text - MIT Libraries
M Baxter… - International Economic Review, 1995 - sfu.ca
International financial markets are widely believed to be important for the international
transmission of business cycles, since they determine the extent to which individuals can
smooth consumption in the presence of country-specific shocks to income. Using a two- ...
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[PDF] American Economic Association

[PDF] from ens.fr
Full text - MIT Libraries
PA Diamond, MS FELDSTEIN, J EATON… - The American …, 1965 - piketty.pse.ens.fr
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions
of Use, available at http://www. jstor. org/page/info/about/policies/terms. jsp. JSTOR's Terms
and Conditions of Use provides, in part, that unless you have obtained prior permission, ...
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[CITATION] International Transmission of Business Cycles in an Increasingly Integrated World Economy-Trade Structure, Industrial Structure, and International …

Full text - MIT Libraries
M Baxter, MA Kouparitsas - American …, 2003 - Princeton, NJ: American Economic …

The return of Ricardo?

M Baxter - Paul A. Samuelson, 2005 - books.google.com
Neoclassical trade theory is widely viewed as theoretically elegant but empirically
embarrassing. This view is based in large part on the fact that the predictions of the
Heckscher-Ohlin-Samuelson (HOS) model are not borne out by the data. In the HOS ...
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