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New trade models, same old gains?

[PDF] from mit.edu
C Arkolakis, A Costinot… - 2009 - nber.org
Micro-level data have had a profound influence on research in international trade over the
last ten years. In many regards, this research agenda has been very successful. New
stylized facts have been uncovered and new trade models have been developed to ...
Cited by 96 - Related articles - Library Search - All 51 versions

Matching and inequality in the world economy

[PDF] from mit.edu
A Costinot… - 2009 - nber.org
This paper develops tools and techniques to study the impact of exogenous changes in
factor supply and factor demand on factor allocation and factor prices in economies with a
large number of goods and factors. The main results of our paper characterize sufficient ...
Cited by 67 - Related articles - All 25 versions

On the origins of comparative advantage

[PDF] from escholarship.org
Full text - MIT Libraries
A Costinot - Journal of International Economics, 2009 - Elsevier
This paper proposes a simple theory of international trade with endogenous productivity
differences across countries. The core of our analysis lies in the determinants of the division
of labor. We consider a world economy comprising two large countries, with a continuum ...
Cited by 61 - Related articles - All 13 versions

Intermediated trade

[HTML] from oxfordjournals.org
Full text - MIT Libraries
P Antràs… - The Quarterly Journal of Economics, 2011 - qje.oxfordjournals.org
Abstract This paper develops a simple model of international trade with intermediation. We
consider an economy with two islands and two types of agents, farmers and traders. Farmers
can produce two goods, but to sell these goods in centralized (Walrasian) markets, they ...
Cited by 47 - Related articles - Library Search - All 69 versions

Revisiting the dependence between financial markets with copulas

[PDF] from acrobatplanet.com
A Costinot, T Roncalli… - Groupe de Recherche …, 2000 - papers.ssrn.com
Abstract: We consider the problem of modelling the dependence between financial markets.
In financial economics, the classical tool is the Pearson (or linear correlation) coefficient to
compare the dependence structure. We show that this coefficient does not give a precise ...
Cited by 40 - Related articles - All 4 versions

An elementary theory of comparative advantage

[PDF] from mit.edu
A Costinot - 2009 - nber.org
Comparative advantage, whether driven by technology or factor endowment, is at the core of
neoclassical trade theory. Using tools from the mathematics of complementarity, this paper
offers a simple, yet unifying perspective on the fundamental forces that shape comparative ...
Cited by 42 - Related articles - Library Search - All 20 versions

[PDF] Contract enforcement, division of labor, and the pattern of trade

[PDF] from psu.edu
A Costinot - Mimeograph, Princeton University, 2005 - Citeseer
Abstract This paper analyzes the impact of imperfect contract enforcement on the extent of
the division of labor and the pattern of trade. We consider a world economy comprising two
large countries, with a continuum of goods and one factor of production, labor. Each good ...
Cited by 32 - Related articles - View as HTML - All 5 versions

Adaptation and the boundary of multinational firms

[PDF] from mit.edu
Full text - MIT Libraries
A Costinot, L Oldenski… - The Review of Economics and …, 2011 - MIT Press
Abstract This paper offers the first empirical analysis of the impact of adaptation on the
boundary of multinational firms. To do so, we develop a ranking of sectors in terms of
“routineness” by merging two sets of data: ratings of occupations by their intensities in ...
Cited by 22 - Related articles - All 27 versions

What goods do countries trade? A quantitative exploration of Ricardo's ideas

[PDF] from bc.edu
A Costinot, D Donaldson… - 2010 - nber.org
The Ricardian model predicts that countries should produce and export relatively more in
industries in which they are relatively more productive. Though one of the most celebrated
insights in the theory of international trade, this prediction has received virtually no ...
Cited by 27 - Related articles - Library Search - All 10 versions

What goods do countries trade? New Ricardian predictions

[PDF] from escholarship.org
A Costinot… - 2007 - nber.org
Though one of the pillars of the theory of international trade, the extreme predictions of the
Ricardian model have made it unsuitable for empirical purposes. A seminal contribution of
Eaton and Kortum (2002) is to demonstrate that random productivity shocks are sufficient ...
Cited by 19 - Related articles - Library Search - BL Direct - All 19 versions

Jobs, jobs, jobs: a “new” perspective on protectionism

[PDF] from escholarship.org
Full text - MIT Libraries
A Costinot - Journal of the European Economic Association, 2009 - Wiley Online Library
Abstract This paper analyzes the determinants of protectionism in a small open economy
with search frictions. In this environment, jobs generate rents whose access depends on the
level of trade protection. By raising the domestic price of a good, a government may attract ...
Cited by 9 - Related articles - All 11 versions

Intermediation and economic integration

[PDF] from harvard.edu
P Antràs… - 2010 - nber.org
The theory of international trade has paid scant attention to market institutions. Neither
neoclassical theory nor new trade models typically specify the process by which supply and
demand meet. Yet in the real world, intermediaries play a central role in materializing the ...
Cited by 9 - Related articles - Library Search - All 25 versions

A comparative institutional analysis of agreements on product standards

[PDF] from escholarship.org
Full text - MIT Libraries
A Costinot - Journal of International Economics, 2008 - Elsevier
The WTO and the EU have chosen two different agreements on product standards. While the
WTO's approach is primarily based on a “National Treatment”(NT) principle, the EU's
approach crucially relies on a principle of “Mutual Recognition”(MR). This paper offers a ...
Cited by 8 - Related articles - All 10 versions

[PDF] On Optimal Voting Rules under Homogeneous Preferences

[PDF] from columbia.edu
A Costinot… - 2007 - columbia.edu
Abstract This paper analyzes the choice of optimal voting rules under various theories of
voting behavior: strategic voting, informative or sincere voting, level-k or cognitive hierarchy
voting, and mixtures among all of these. We show that if preferences are homogeneous, ...
Cited by 7 - Related articles - View as HTML - Get it from MIT Libraries - All 3 versions

[CITATION] New Theories, Same Old Gains?

C Arkolakis, A Costinot… - 2009 - Mimeo, Yale University
Cited by 7 - Related articles

[CITATION] rContract Enforcement

A Costinot - Division of Labor, and the Pattern of Trade, s …, 2005
Cited by 6 - Related articles

[CITATION] What Goods Do Countries Trade? A Structural Ricardian Model

A Costinot… - 2008 - mimeo MIT
Cited by 6 - Related articles

[PDF] Imperfect contract enforcement: firm size and the pattern of trade

[PDF] from princeton.edu
A Costinot - Department of Economics, Princeton University, mimeo, 2004 - princeton.edu
Abstract This paper analyzes the impact of imperfect contract enforcement on firm size and
the pattern of trade. We consider a world economy com# prising two large countries, with a
continuum of goods and one factor of production, labor. Each good is characterized by its ...
Cited by 5 - Related articles - View as HTML

Information aggregation, strategic voting, and institutional design

A Costinot… - 2006 - papers.ssrn.com
Abstract: This paper discusses the implications of strategic voting for institutional design in
environments where the only role of elections is to aggregate information. We adopt a
mechanism design perspective, which assumes that prior to a standard voting game, a ...
Cited by 6 - Related articles

[CITATION] VThree Essays on Institutions and Trade. oPh. D

A Costinot - 2005 - Dissertation. Princeton University
Cited by 5 - Related articles

[CITATION] VWhat Goods Do Countries Trade? New Ricardian PredictionsV

C Arnaud… - NBER working paper, 2007
Cited by 5 - Related articles

[CITATION] Adaptation and the Boundaries of Multinational Firms

A Costinot, LI Oldenski… - forthcoming, the Review of Economics and Statistics
Cited by 4 - Related articles

[CITATION] kA Comparative Institutional Analysis of Agreements on Product Standards, lJournal of International Economics vol. 75 (1)

A Costinot - $213, 2008
Cited by 3 - Related articles

[CITATION] mOn Optimal Voting Rules under Homogeneous Preferences, nmimeo

A Costinot… - University of California at San Diego, 2007
Cited by 3 - Related articles

[CITATION] Clare. 2009. jNew Trade Models, Same Old Gains

C Arkolakis, A Costinot… - NBER Working Paper
Cited by 3 - Related articles

[PDF] Gains From trade under monopolistic competition: A simple example with translog expenditure functions and Pareto distributions of firm-level productivity

[PDF] from yale.edu
C Arkolakis, A Costinot… - Manuscript, Yale …, 2010 - econ.yale.edu
Abstract In this note we provide closed# form solutions for bilateral trade flows and gains
from trade in a model with monopolistic competition, translog expenditure functions, and
Pareto distributions of firm# level productivity. In spite of variable mark# ups, gains from ...
Cited by 2 - Related articles - View as HTML - All 5 versions

[CITATION] Forthcoming." An Elementary Theory of Comparative Advantage

A Costinot - Econometrica
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] qMatching and Inequality in the World Economy. rForthcoming

A Costinot… - Journal of Political Economy, 2010
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] Andrés Rodríguez Clare (2010), pNew Trade Models, Same Old Gains

C Arkolakis… - q mimeo, MIT, Penn State, and Yale …
Cited by 2 - Related articles

[CITATION] New Models, Same Old Gains from Trade? Forthcoming

C Arkolakis, A Costinot… - American Economic Review, 2010
Cited by 2 - Related articles - Get it from MIT Libraries

[PDF] Heterogeneity and trade

[PDF] from nber.org
A Costinot - University of California at San Diego, Economics …, 2007 - nber.org
Abstract Aggregate production functions are a standard feature of the trade theoristis
toolbox. While this modeling device has generated some fun# damental insights, it presents
one obvious shortcoming: it necessarily ignores any effect that the distribution of factor ...
Cited by 2 - Related articles - View as HTML - All 25 versions

A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation

[PDF] from cufe.edu.cn
A Costinot, G Lorenzoni… - 2011 - nber.org
This paper develops a simple theory of capital controls as dynamic terms-of-trade
manipulation. We study an infinite horizon endowment economy with two countries. One
country chooses taxes on international capital flows in order to maximize the welfare of its ...
Cited by 2 - Related articles - All 7 versions

[CITATION] A Comparative Institutional Analysis of Agreements on Product Standards

A Costinot - 2004 - mimeo
Cited by 1 - Related articles

[PDF] A Theory of Optimal Capital Controls

[PDF] from chicagobooth.edu
A Costinot, G Lorenzoni… - Manuscript, MIT, 2011 - faculty.chicagobooth.edu
Abstract This paper develops a theory of optimal capital controls in which the only motive for
capital controls is the manipulation of inter-temporal and intra-temporal terms of trade.
Among other things, we show that for a country that is catching up with the rest of the world ...
Cited by 1 - Related articles - View as HTML - All 2 versions

[PDF] The Elusive Pro-Competitive Effects of Trade

[PDF] from stanford.edu
C Arkolakis, A Costinot, D Donaldson… - 2012 - economics.stanford.edu
Abstract We study the pro-competitive effects of international trade, or lack thereof, in models
with monopolistic competition, firm-level heterogeneity, and variable markups. Under
standard restrictions on consumers' demand and the distribution of firms' productivity, we ...
Cited by 1 - View as HTML

[PDF] Vertical Specialization and the Interdependence of Nations

[PDF] from hit-u.ac.jp
A Costinot, J Vogel… - 2010 - econ.hit-u.ac.jp
Abstract This paper develops an elementary theory of trade with sequential production. In
spite of its extreme simplicity, our theory is consistent with a number of stylized facts and
able to deliver a rich set of predictions regarding how vertical specialization shapes the ...
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[PDF] Institutions, education, and trade: theory and evidence

[PDF] from uqam.ca
A Costinot - 2005 - econ.uqam.ca
The core of this theory lies on the impact of the quality of contract enforcement on the size of
productive teams. It is based on two key elements: (i) gains from the division of labor and (ii)
transaction costs. Gains from the division of labor depend on the complexity of the ...
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Ricardo's Theory of Comparative Advantage: Old Idea, New Evidence

A Costinot… - 2012 - nber.org
ABSTRACT When asked to name one proposition in the social sciences that is both true and
non-trivial, Paul Samuelson famously replied:'Ricardo's theory of comparative advantage'.
Truth, however, in Samuelson's reply refers to the fact that Ricardo's theory of comparative ...

[PDF] ADDENDUM TO: WHAT GOODS DO COUNTRIES TRADE? A QUANTITATIVE EXPLORATION OF RICARDO'S IDEAS

[PDF] from ucsd.edu
A COSTINOT, D DONALDSON… - 2011 - econ.ucsd.edu
ADDENDUM TO: WHAT GOODS DO COUNTRIES TRADE? A QUANTITATIVE EXPLORATION
OF RICARDO'S IDEAS ARNAUD COSTINOT, DAVE DONALDSON, AND IVANA KOMUNJER
Abstract. This addendum provides the proofs of Lemma 1, Theorem 1, Lemma 2, and ...
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[PDF] Global Supply Chains and Wage Inequality

[PDF] from columbia.edu
A Costinot, J Vogel… - 2012 - columbia.edu
Abstract A salient feature of globalization in recent decades is the emergence of dglobal
supply chainse in which different countries specialize in different stages of a sequential
production process. In Arnaud Costinot, Jonathan Vogel and Su Wang (2011), CVW ...
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Financial distortions and the distribution of global volatility

[PDF] from mit.edu
RJ Caballero, A Costinot, G Lorenzoni… - 2011 - dspace.mit.edu
In this thesis, I study the interactions between various aspects of the financial system and
macroeconomic volatility in a globally integrated environment. In Chapter 1, I illustrate that
an efficient allocation of liquidity across projects mitigates the economy's responsiveness ...
All 2 versions

[PDF] Global Economy

[PDF] from ifo.de
A Costinot, J Vogel… - 2011 - ifo.de
Abstract This paper develops an elementary theory of global supply chains. We consider a
world economy with an arbitrary number of countries, one factor of production, a continuum
of intermediate goods, and one final good. Production of the final good is sequential and ...
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DP8930 Ricardo's Theory of Comparative Advantage: Old Idea, New Evidence

A Costinot… - 2012 - cepr.org
When asked to name one proposition in the social sciences that is both true and non-trivial,
Paul Samuelson famously replied:Ricardo's theory of comparative advantage'. Truth,
however, in Samuelson's reply refers to the fact that Ricardo's theory of comparative ...
Cached

[CITATION] INTERMEDIATION AND ECONOMIC INTEGRATION

P Antr? s… - NBER Working Paper Series, 2010

[PDF] Ricardo's Theory of Comparative Advantage: Old Idea, New Test

[PDF] from aeaweb.org
A COSTINOT… - aeaweb.org
The anecdote is famous. A mathematician, Stan Ulam, once challenged Paul Samuelson to
name one proposition in the social sciences that is both true and non-trivial. His reply
was:'Ricardo's theory of comparative advantage'; see Paul Samuelson (1995, p. 22). Truth ...
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Three essays on international trade and institutions

A Costinot - 2006 - gradworks.umi.com
Chapter 1 is a comparative institutional analysis of agreements on product standards. It offers
a first look at the relative performance of the two principles chosen by the WTO and the EU to
cope with technical barriers to trade: "National Treatment" (NT) and "Mutual Recognition" ( ...
Cached - Library Search

DP7697 Intermediation and Economic Integration

P Antràs… - 2010 - cepr.org
The theory of international trade has paid scant attention to market institutions. Neither
neoclassical theory nor new trade models typically specify the process by which supply and
demand meet. Yet in the real world, intermediaries play a central role in materializing the ...
Cached - All 3 versions

[PDF] How Large are the Gains from Economic Integration? Theory and Evidence from US Agriculture, 1840-2002

[PDF] from nber.org
A Costinot… - 2011 - nber.org
Abstract In this paper we develop a new approach to measuring the gains from economic
integration based on a Roy-like assignment model in which heterogeneous factors of
production are allocated to multiple sectors in multiple local markets. We implement this ...
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DP7696 Intermediated Trade

P Antràs… - 2010 - cepr.org
This paper develops a simple model of international trade with intermediation. We consider
an economy with two islands and two types of agents, farmers and traders. Farmers can
produce two goods, but in order to sell these goods in centralized (Walrasian) markets, ...
Cached - All 3 versions

[PDF] «Stress testing et théorie des valeurs extrêmes: une vision quantifiée du risque extrême»

[PDF] from thierry-roncalli.com
A Costinot, G Riboulet, T Roncalli… - Groupe de Recherche …, 2000 - thierry-roncalli.com
Résumé Les banques ont aujourd'hui la possibilité de mettre en place un modèle interne de
risque de marché. L'une des composantes indispensables de ce modèle est la création d'un
programme de stress testing. Cet article présente un outil potentiel pour la construction d' ...
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