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Working Paper
Income and price elasticities of foreign trade flows: econometric estimation and analysis of the U.S. trade deficit
This paper builds, estimates. and simulates a world trade model to provide a quantitative analysis of the behavior of the U.S. trade deficit. A key feature of this model is that international trade imbalances add up to zero. The analysis estimates income and price elasticities for bilateral import equations, tests for the properties of the error term, for parameter constancy, and for the choice of dynamic specification. The paper also reexamines the structural asymmetries in elasticities noted by Houthakker and Magee and tests whether the Marshall-Lerner condition holds. The reliability of ...
Journal Article
The Southeast's textile/apparel trade and the import threat
Journal Article
An introduction to non-tariff barriers to trade
Journal Article
Using the gravity model to estimate the costs of protection
Many economists expend a lot of energy decrying trade protectionism; nonetheless, their estimates of the actual burden that protectionism imposes on the economy have been surprisingly small. In this article, Howard J. Wall presents a method that captures some of the effects and distortions of trade protection which have not been captured by existing methods. Wall finds that during 1996, worldwide protectionism reduced U.S. exports by 26.2 percent. Likewise, U.S. protectionism decreased U.S. imports from non-NAFTA countries by 15.4 percent. He calculates further that the welfare cost of U.S. ...