By Robert C. Feenstra
Modern and extremely transparent presentation of the mainstream idea of overseas exchange.
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Additional resources for Advanced International Trade: Theory and Evidence
The reader is already well prepared 1-35 Feenstra, Advanced International Trade for these chapters that follow, based on the tools and intuition we have developed from the twoby-two model. Before moving on, you are encouraged to complete the problems at the end of this chapter. 1 Rewrite the production function y1 = f1(L1,K1) as y1 = f1(v1), and similarly, y2 = f2(v2). Concavity means that given two points y1a = f1 ( v1a ) and y1b = f1 ( v1b ) , and 0 < λ < 1, then f1 (λv1a + (1 − λ ) v1b ) ≥ λy1a + (1 − λ ) y1b .
In addition, we assume that tastes are identical and homothetic across countries. 4 Notice that this matrix applies in any country. The rows measure the different factors k, l =1,…,M, while the columns of this matrix measure the different industries j=1,…,N. For example, with just two industries a 2L . a 2 K a using only labor and capital, this matrix would be A = 1L a 1K i i Next, let Y denote the (Nx1) vector of outputs in each industry for country i, and let D i i i denote the (Nx1) vector of demands of each good, so that T =Y – D equals the vector of net i i exports for country i.
S. S. S. S. S. yes Davis and Weinstein (2001a) yes Many countries yes Allow for productivity parameters π ik Allow for productivity parameters δi (and more) i Estimate A from data Feenstra, Advanced International Trade 2-24 Sign test: Rank test: i sign( Fki ) = sign( Vki – s Vkw ), i i=1,…,C; k=1,…,M; i Fki > Fli ⇔ ( Vki – s Vkw ) > ( Vli – s Vlw ), i=1,…,C; k=1,…,M. 1). With M factors and C countries, there are MC observations in total, and we are interested in what percentage of these have the same sign on the two sides of the equation.