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\plain\pard\sl-211 \li4 \ri34 \expndtw0 \i \f20 \fs20 \cf1 Review of I{\expndtw20 *}ternational Economics, 8(2), 221-{\expndtw-20 *}34, 2000
\plain\par
\pard\sl-554 \li4 \ri34 \expndtw-2 \b \f20 \fs32 \cf1 Cla{\expndtw-20 *}sical Ri
cardian Theo{\expndtw-20 *}y {\expndtw-20 *}f {\expndtw-20 *}{\expndtw-20 *}mpar
ative
\plain\par
\pard\sl-360 \li4 \ri34 \expndtw-1 \b \f20 \fs32 \cf1 Advant{\expndtw-20 *}g{\ex
pndtw-20 *} Re{\expndtw-20 *}isited
\plain\par
\sl-211\fs21\par\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri34 \expndtw3 \i \f20 \
fs24 \cf1 Stephen {\expndtw-20 *}. Golub and {\expndtw-20 *}hang-T{\expndtw-20 *
}i Hsieh*
\plain\par
\sl-264\fs26\par\sl-240\fs24\par\pard\pard\sl-220 \li4 \ri34 \expndtw-7 \b \f20

\fs22 \cf1 Abstract

\plain\par
\sl-125\fs13\par\pard\pard\sl-200 \li4 \ri34 \expndtw5 \f20 \fs16 \cf1 According
to the classic{\expndtw-20 *}l Ricar{\expndtw-20 *}ian theory of comparative ad
van{\expndtw-20 *}a{\expndtw-20 *}e, relativ{\expndtw-20 *} la{\expndtw-20 *}or
pro{\expndtw-20 *}{\expndtw-20 *}ctivities det{\expndtw-20 *}{\expndtw-20 *}\plain\expndtw4 \f20 \fs16 \cf1 mine trade p{\expndtw-20 *}tterns. The R{\expndt
w-20 *}card{\expndtw-20 *}a{\expndtw-20 *} model pla{\expndtw-20 *}s an importan
{\expndtw-20 *} {\expndtw-20 *}edag{\expndtw-20 *}gical rol{\expndtw-20 *} in i{
\expndtw-20 *}terna{\expndtw-20 *}i{\expndtw-20 *}nal eco{\expndtw-20 *}omics,
\plain\expndtw4 \f20 \fs16 \cf1 but has receiv{\expndtw-20 *}d s{\expndtw-20 *}a
nt empirical a{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}ntion sin{\expndtw-20
*}e the 1960s. This {\expndtw-20 *}aper asse{\expndtw-20 *}ses the cont{\expndt
w-20 *}mporary relevan{\expndtw-20 *}e
\plain\expndtw4 \f20 \fs16 \cf1 o{\expndtw-20 *} the Ricardian m{\expndtw-20 *}d
el for US {\expndtw-20 *}ra{\expndtw-20 *}e. Cross-s{\expndtw-20 *}{\expndtw-20
*}tion se{\expndtw-20 *}mi{\expndtw-20 *}gly unrelat{\expndtw-20 *}d {\expndtw-2
0 *}{\expndtw-20 *}gressio{\expndtw-20 *}s of sectoral tra{\expndtw-20 *}e {\f63
\u64258\'3f}{\expndtw-20 *}ws
\plain\expndtw6 \f20 \fs16 \cf1 on rela{\expndtw-20 *}ive labor pr{\expndtw-20 *
}ductivity and uni{\expndtw-20 *} lab{\expndtw-20 *}r costs are ru{\expndtw-20 *
} for {\expndtw-20 *} nu{\expndtw-20 *}ber o{\expndtw-20 *} countrie{\expndtw-20
*}\i vi{\expndtw-20 *}--{\expndtw-20 *}is\i0 the Uni{\expndtw-20 *}ed
\plain\expndtw2 \f20 \fs16 \cf1 S{\expndtw-20 *}ates. The coeffic{\expndtw-20 *}
ents are almost always correct{\expndtw-20 *}y signed and sta{\expndtw-20 *}i{\e
xpndtw-20 *}t{\expndtw-20 *}c{\expndtw-20 *}ll{\expndtw-20 *} sign{\expndtw-20 *
}fican{\expndtw-20 *}, {\expndtw-20 *}lthough much of t{\expndtw-20 *}e
\plain\expndtw4 \f20 \fs16 \cf1 {\expndtw-20 *}ecto{\expndtw-20 *}al variati{\ex
pndtw-20 *}n of trad{\expndtw-20 *} {\expndtw-20 *}e{\expndtw-20 *}ains unexplai
ned.
\plain\par
\sl-158\fs16\par\sl-240\fs24\par\pard\pard\sl-220 \li4 \ri34 \expndtw-1 \b \f20
\fs22 \cf1 1. Intr{\expndtw-20 *}ducti{\expndtw-20 *}n
\plain\par
\pard\sl-351 \li4 \ri34 \expndtw7 \f20 \fs20 \cf1 {\expndtw-20 *}he classi{\expn
dtw-20 *}{\expndtw-20 *}l {\expndtw-20 *}ica{\expndtw-20 *}dian mod{\expndtw-20
*}l is often u{\expndtw-20 *}{\expndtw-20 *}d to expo{\expndtw-20 *}it the p{\ex
pndtw-20 *}inciple o{\expndtw-20 *} comp{\expndtw-20 *}rative
\plain\par
\pard\sl-240 \li4 \ri34 \expndtw3 \f20 \fs20 \cf1 ad{\expndtw-20 *}antage. D{\ex
pndtw-20 *}spite {\expndtw-20 *}ts pedago{\expndtw-20 *}{\expndtw-20 *}cal impor
{\expndtw-20 *}ance, this mode{\expndtw-20 *} has {\expndtw-20 *}e{\expndtw-20 *
}n almost completely
\plain\expndtw8 \f20 \fs20 \cf1 {\expndtw-20 *}g{\expndtw-20 *}ored in {\expndtw
-20 *}he prof{\expndtw-20 *}{\expndtw-20 *}siona{\expndtw-20 *} literature in re
cent {\expndtw-20 *}ecade{\expndtw-20 *}. {\expndtw-20 *}he classical emphasis o
n
\plain\expndtw10 \f20 \fs20 \cf1 {\expndtw-20 *}roducti{\expndtw-20 *}ity differ
ences and labo{\expndtw-20 *} costs {\expndtw-20 *}a{\expndtw-20 *} been supp{\e
xpndtw-20 *}anted by t{\expndtw-20 *}e ne{\expndtw-20 *}c{\expndtw-20 *}ass{\exp
ndtw-20 *}cal
\plain\expndtw8 \f20 \fs20 \cf1 (Hecksche{\expndtw-20 *}-Ohlin) focus on factor
{\expndtw-20 *}ndowment{\expndtw-20 *}. The {\expndtw-20 *}a{\expndtw-20 *}city
o{\expndtw-20 *} work is such that
\plain\expndtw8 \f20 \fs20 \cf1 lea{\expndtw-20 *}ing intern{\expndtw-20 *}ti{\e
xpndtw-20 *}{\expndtw-20 *}al trad{\expndtw-20 *} textb{\expndtw-20 *}oks co{\ex
pndtw-20 *}t{\expndtw-20 *}nue t{\expndtw-20 *} cite the results f{\expndtw-20 *
}om M{\expndtw-20 *}cDougall
\plain\expndtw2 \f20 \fs20 \cf1 (1951), S{\expndtw-20 *}ern (1962), and Bala{\ex
pndtw-20 *}s{\expndtw-20 *} ({\expndtw-20 *}96{\expndtw-20 *}) when disc{\expndt

w-20 *}ssing the em{\expndtw-20 *}iri{\expndtw-20 *}al evidence {\expndtw-20 *}n

the
\plain\expndtw3 \f20 \fs20 \cf1 Ricar{\expndtw-20 *}ian model.\up5 \fs12 1\up0 \
fs20 A recent survey st{\expndtw-20 *}te{\expndtw-20 *}: "We {\expndtw-20 *}re
unaware of any recent work {\expndtw-20 *}estin{\expndtw-20 *}
\plain\expndtw2 \f20 \fs20 \cf1 or e{\expndtw-20 *}timating the applicabili{\exp
ndtw-20 *}y of the Ric{\expndtw-20 *}rdi{\expndtw-20 *}n model" (Le{\expndtw-20
*}mer and Levinsohn, 1996).
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw5 \f20 \fs20 \cf1 This ne{\expndtw-20 *}l
ect of th{\expndtw-20 *} {\expndtw-20 *}icardian model re{\f63 \u64258\'3f}ects
severa{\expndtw-20 *} p{\expndtw-20 *}{\expndtw-20 *}ce{\expndtw-20 *}ved limi{\
expndtw-20 *}{\expndtw-20 *}tio{\expndtw-20 *}s. L{\expndtw-20 *}a{\expndtw-20 *
}{\expndtw-20 *}r
\plain\expndtw5 \f20 \fs20 \cf1 and Levi{\expndtw-20 *}sohn (1{\expndtw-20 *}96)
view t{\expndtw-20 *}e model as to{\expndtw-20 *} s{\expndtw-20 *}mple fo{\expn
dtw-20 *} serious empirical analy{\expndtw-20 *}i{\expndtw-20 *}. I{\expndtw-20
*}
\plain\expndtw5 \f20 \fs20 \cf1 is true that {\expndtw-20 *}he textbook Ric{\exp
ndtw-20 *}r{\expndtw-20 *}{\expndtw-20 *}a{\expndtw-20 *} m{\expndtw-20 *}{\expn
dtw-20 *}el ignores fa{\expndtw-20 *}tors of productio{\expndtw-20 *} be{\expndt
w-20 *}ides {\expndtw-20 *}abor,
\plain\expndtw5 \f20 \fs20 \cf1 and {\expndtw-20 *}as the unr{\expndtw-20 *}alis
ti{\expndtw-20 *} implication that countries speciali{\expndtw-20 *}{\expndtw-20
*} in the producti{\expndtw-20 *}n of trad\plain\expndtw5 \f20 \fs20 \cf1 able goods. But we {\expndtw-20 *}e{\expndtw-20
*}ieve tha{\expndtw-20 *} these lim{\expndtw-20 *}t{\expndtw-20 *}t{\expndtw-20
*}ons are offset by some importa{\expndtw-20 *}t advan\plain\expndtw7 \f20 \fs20 \cf1 t{\expndtw-20 *}g{\expndtw-20 *}s. First, since
capita{\expndtw-20 *} and raw {\expndtw-20 *}a{\expndtw-20 *}erials are much mor
e trad{\expndtw-20 *}ble {\expndtw-20 *}nternatio{\expndtw-20 *}al{\expndtw-20 *
}y
\plain\expndtw6 \f20 \fs20 \cf1 than is la{\expndtw-20 *}or, the latt{\expndtw-2
0 *}r is lik{\expndtw-20 *}l{\expndtw-20 *} to {\expndtw-20 *}{\expndtw-20 *}ve
a {\expndtw-20 *}i{\expndtw-20 *}p{\expndtw-20 *}{\expndtw-20 *}portio{\expndtw20 *}ate {\expndtw-20 *}n{\f63 \u64258\'3f}{\expndtw-20 *}{\expndtw-20 *}nce {\e
xpndtw-20 *}n co{\expndtw-20 *}p{\expndtw-20 *}rati{\expndtw-20 *}e
\plain\expndtw9 \f20 \fs20 \cf1 adv{\expndtw-20 *}ntage. Seco{\expndtw-20 *}d, {
\expndtw-20 *}{\expndtw-20 *}e Ricar{\expndtw-20 *}ian em{\expndtw-20 *}hasis o{
\expndtw-20 *} {\expndtw-20 *}e{\expndtw-20 *}tor-specific {\expndtw-20 *}echnol
ogical gaps
\plain\expndtw6 \f20 \fs20 \cf1 betwe{\expndtw-20 *}n countries is suggested by
recent {\expndtw-20 *}nternational comparisons {\expndtw-20 *}f productivity.
\plain\expndtw5 \f20 \fs20 \cf1 Third, older tests {\expndtw-20 *}f the R{\expnd
tw-20 *}cardian model were hi{\expndtw-20 *}hly succe{\expndtw-20 *}sfu{\expndtw
-20 *}. Fourt{\expndtw-20 *}, t{\expndtw-20 *}e sim{\expndtw-20 *}lic\plain\expndtw6 \f20 \fs20 \cf1 ity of the Ricardia{\expndtw-20 *} {\expndtw-20
*}ode{\expndtw-20 *} is in itsel{\expndtw-20 *} a strength an{\expndtw-20 *} exp
lains its pedagogical appeal.
\plain\expndtw3 \f20 \fs20 \cf1 In an{\expndtw-20 *} {\expndtw-20 *}vent, it is
surely w{\expndtw-20 *}rth knowing how well {\expndtw-20 *}ne of t{\expndtw-20 *
}e basic pedagogic{\expndtw-20 *}l models
\plain\expndtw5 \f20 \fs20 \cf1 performs empiricall{\expndtw-20 *} with mo{\expn
dtw-20 *}e re{\expndtw-20 *}ent data.
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw13 \f20 \fs20 \cf1 In this paper, w{\expn
dtw-20 *} update {\expndtw-20 *}nd extend t{\expndtw-20 *}e classic t{\expndtw-2
0 *}sts o{\expndtw-20 *} the R{\expndtw-20 *}cardi{\expndtw-20 *}n model
\plain\expndtw2 \f20 \fs20 \cf1 (MacDougall, 195{\expndtw-20 *}; Stern, 1962; Ba
lassa, {\expndtw-20 *}96{\expndtw-20 *}) using a much l{\expndtw-20 *}rger group

of countr{\expndtw-20 *}es
\plain\expndtw3 \f20 \fs20 \cf1 and years. {\expndtw-20 *}e use the OECD S{\expn
dtw-20 *}AN (Structural {\expndtw-20 *}nalysis Industria{\expndtw-20 *}) {\expnd
tw-20 *}atabase to ob{\expndtw-20 *}ain
\plain\par
\sl-120\fs12\par\sl-240\fs24\par\pard\pard\sl-180 \li4 \ri34 \expndtw0 \f20 \fs1
6 \cf1 * Golub: Swa{\expndtw-20 *}thmore College, Swart{\expndtw-20 *}m{\expndtw
-20 *}re, PA 1{\expndtw-20 *}0{\expndtw-20 *}1, USA. Tel: (610) 328-8103; F{\exp
ndtw-20 *}x: (610)328-7{\expndtw-20 *}52; E-mail:
\plain\expndtw3 \f20 \fs16 \cf1 sgolub1@s{\expndtw-20 *}art{\expndtw-20 *}m{\exp
ndtw-20 *}{\expndtw-20 *}e.edu. Hsieh: Prin{\expndtw-20 *}eton U{\expndtw-20 *}i
versity, {\expndtw-20 *}rincet{\expndtw-20 *}n, NJ 08544, USA. Tel: (609) 25{\ex
pndtw-20 *}-47{\expndtw-20 *}3; {\expndtw-20 *}\plain\expndtw4 \f20 \fs16 \cf1 mai{\expndtw-20 *}: chsieh@pr{\expndtw-20 *}ncet
on.edu. This r{\expndtw-20 *}se{\expndtw-20 *}rch w{\expndtw-20 *}s carried ou{\
expndtw-20 *} wh{\expndtw-20 *}le Go{\expndtw-20 *}ub was vi{\expndtw-20 *}it{\e
xpndtw-20 *}ng the Research {\expndtw-20 *}{\expndtw-20 *}part\plain\expndtw5 \f20 \fs16 \cf1 men{\expndtw-20 *} {\expndtw-20 *}f the Federal
R{\expndtw-20 *}s{\expndtw-20 *}rve Bank of {\expndtw-20 *}an F{\expndtw-20 *}an
{\expndtw-20 *}{\expndtw-20 *}sco and the Haas S{\expndtw-20 *}h{\expndtw-20 *}o
l of Business of the Univ{\expndtw-20 *}rsity of
\plain\expndtw5 \f20 \fs16 \cf1 Cal{\expndtw-20 *}fornia, Berke{\expndtw-20 *}ey
, and Hs{\expndtw-20 *}eh was at th{\expndtw-20 *} Un{\expndtw-20 *}ver{\expndtw
-20 *}ity of {\expndtw-20 *}alifornia, Be{\expndtw-20 *}keley. {\expndtw-20 *}in
ancial support f{\expndtw-20 *}om th{\expndtw-20 *}
\plain\expndtw6 \f20 \fs16 \cf1 Fe{\expndtw-20 *}era{\expndtw-20 *} Reserve Ban{
\expndtw-20 *} of San F{\expndtw-20 *}anci{\expndtw-20 *}c{\expndtw-20 *} and Sw
arthm{\expndtw-20 *}r{\expndtw-20 *} Co{\expndtw-20 *}l{\expndtw-20 *}ge is {\ex
pndtw-20 *}ratefull{\expndtw-20 *} acknowle{\expndtw-20 *}ged, but {\expndtw-20
*}ll the
\plain\expndtw2 \f20 \fs16 \cf1 vie{\expndtw-20 *}s expressed are person{\expndt
w-20 *}l.
\plain\par
\sl-119\fs12\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri34 \expndtw2 \f20 \fs1
2 \cf1 Blackwel{\expndtw-20 *} Publish{\expndtw-20 *}rs Ltd 2000, 108 Cowley R{\
expndtw-20 *}{\expndtw-20 *}d, Oxford OX4 {\expndtw-20 *}JF, UK and {\expndtw-20
*}50 Main Street, Malden, MA 02148, USA
\par
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}}\margt460\margb100\margr980\margl1060
\plain\pard\sl-219 \li4 \ri3916 \expndtw-19 \f20 \fs20 \cf1 22{\expndtw-20 *}
\plain\tx501 \tab \expndtw2 \i \f20 \fs18 \cf1 Stephen S. G{\expndtw-20 *}lub an
{\expndtw-20 *} {\expndtw-20 *}ha{\expndtw-20 *}g-Tai Hsieh
\par
\plain\sl-205\fs21\par\pard\pard\sl-240 \li4 \ri34 \expndtw3 \f20 \fs20 \cf1 tra
{\expndtw-20 *}e {\f63 \u64258\'3f}ows, pr{\expndtw-20 *}{\expndtw-20 *}{\expndt
w-20 *}ctivi{\expndtw-20 *}y, and uni{\expndtw-20 *} labor costs for ab{\expndtw
-20 *}ut 40 {\expndtw-20 *}a{\expndtw-20 *}ufactu{\expndtw-20 *}i{\expndtw-20 *}
g s{\expndtw-20 *}cto{\expndtw-20 *}s for {\expndtw-20 *}
\plain\expndtw10 \f20 \fs20 \cf1 n{\expndtw-20 *}mber of OECD countries, as well
as {\expndtw-20 *}exico and Kore{\expndtw-20 *} {\expndtw-20 *}rom 1970 to 1992
. T{\expndtw-20 *}
\plain\expndtw12 \f20 \fs20 \cf1 examine the {\expndtw-20 *}ink {\expndtw-20 *}e
twee{\expndtw-20 *} {\expndtw-20 *}r{\expndtw-20 *}de pattern{\expndtw-20 *} and
relat{\expndtw-20 *}ve labor costs, w{\expndtw-20 *} ru{\expndtw-20 *} cross\plain\expndtw5 \f20 \fs20 \cf1 sectional seemingl{\expndtw-20 *} unr{\expndtw-2
0 *}lated r{\expndtw-20 *}gressions o{\expndtw-20 *} sectoral t{\expndtw-20 *}{\
expndtw-20 *}de {\f63 \u64258\'3f}ows o{\expndtw-20 *} sectora{\expndtw-20 *} re
lat{\expndtw-20 *}ve
\plain\expndtw5 \f20 \fs20 \cf1 labor productivity and unit {\expndtw-20 *}abor
c{\expndtw-20 *}{\expndtw-20 *}ts for a numb{\expndtw-20 *}r of co{\expndtw-20 *
}n{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}e{\expndtw-20 *}\i v{\expndtw-20
*}a--vi{\expndtw-20 *}\i0 t{\expndtw-20 *}e Unit{\expndtw-20 *}d
\plain\expndtw-4 \f20 \fs20 \cf1 States.
\plain\par
\sl-108\fs11\par\sl-240\fs24\par\pard\pard\sl-220 \li4 \ri34 \expndtw1 \b \f20 \
fs22 \cf1 2. Re{\expndtw-20 *}sse{\expndtw-20 *}si{\expndtw-20 *}{\expndtw-20 *}
the Ricard{\expndtw-20 *}an Model
\plain\par
\sl-263\fs26\par\pard\pard\sl-200 \li4 \ri34 \expndtw3 \i \f20 \fs20 \cf1 The Ba
sic Ricardian Mo{\expndtw-20 *}el
\plain\par
\pard\sl-368 \li4 \ri34 \expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}he {\expndtw-20
*}icardian model focuses on la{\expndtw-20 *}or producti{\expndtw-20 *}ity and
labor costs as {\expndtw-20 *}h{\expndtw-20 *} de{\expndtw-20 *}erm{\expndtw-20
*}nants
\plain\par
\pard\sl-246 \li4 \ri34 \expndtw8 \f20 \fs20 \cf1 of co{\expndtw-20 *}pa{\expndt
w-20 *}ati{\expndtw-20 *}e {\expndtw-20 *}{\expndtw-20 *}vantage. Let\i a\dn4 \
fs12 i{\expndtw-20 *}\i0 \dn0 \fs20 r{\expndtw-20 *}present unit labor r{\expnd
tw-20 *}quirements (the inve{\expndtw-20 *}se {\expndtw-20 *}f
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}roduct{\expndtw-20 *}vit{\expndtw
-20 *}), for secto{\expndtw-20 *}\i {\expndtw-20 *}\i0 in {\expndtw-20 *}o{\ex
pndtw-20 *}ntry\i j\i0 :
\par
\plain\pard\sl-386 \li749 \ri35 \expndtw5 \i \f20 \fs20 a\dn4 \fs12 ij\i0 \dn0 \
f40 \fs20 =\i \f20 L\dn4 \fs12 {\expndtw-20 *}j\dn0 \fs20 {\expndtw-20 *}\dn4
\fs12 ij\i0 \dn0 \fs20 ,
\plain\tx7172 \tab \expndtw-10 \f20 \fs20 \cf1 (1)
\par
\plain\pard\sl-373 \li4 \ri34 \expndtw7 \f20 \fs20 \cf1 where\i Q\i0 is valu{\
expndtw-20 *}-add{\expndtw-20 *}{\expndtw-20 *}, {\expndtw-20 *}{\expndtw-20 *}{
\expndtw-20 *}\i L\i0 is lab{\expndtw-20 *}r employment. The margi{\expndtw-20
*}al product of labor
\plain\par
\pard\sl-246 \li4 \ri34 \expndtw3 \f20 \fs20 \cf1 (1/\i a\dn4 \fs12 ij\i0 \dn0 \

fs20 ), and hence unit {\expndtw-20 *}{\expndtw-20 *}bor requir{\expndtw-20 *}{\

expndtw-20 *}e{\expndtw-20 *}ts (\i a\dn4 \fs12 ij\i0 \dn0 \fs20 ), a{\expndtw-2
0 *}e assume{\expndtw-20 *} to {\expndtw-20 *}e co{\expndtw-20 *}s{\expndtw-20 *
}{\expndtw-20 *}nt wit{\expndtw-20 *} r{\expndtw-20 *}spect
\plain\expndtw5 \f20 \fs20 \cf1 t{\expndtw-20 *} {\expndtw-20 *}ariations {\expn
dtw-20 *}n\i L\dn4 \fs12 ij\i0 \dn0 \fs20 . The assumption o{\expndtw-20 *} con
stant m{\expndtw-20 *}{\expndtw-20 *}gi{\expndtw-20 *}a{\expndtw-20 *} pro{\expn
dtw-20 *}uct is not in itsel{\expndtw-20 *} criti\plain\expndtw4 \f20 \fs20 \cf1 cal, {\expndtw-20 *}ut pr{\expndtw-20 *}ductivit
y d{\expndtw-20 *}{\expndtw-20 *}ferences be{\expndtw-20 *}ween countr{\expndtw20 *}es must be l{\expndtw-20 *}rge {\expndtw-20 *}no{\expndtw-20 *}g{\expndtw-2
0 *} th{\expndtw-20 *}t they are
\plain\expndtw4 \f20 \fs20 \cf1 not el{\expndtw-20 *}{\expndtw-20 *}i{\expndtw-2
0 *}ated by trade.
\plain\par
\pard\sl-246 \li4 \ri34 \fi200 \expndtw6 \f20 \fs20 \cf1 C{\expndtw-20 *}m{\expn
dtw-20 *}{\expndtw-20 *}titive{\expndtw-20 *}ess o{\expndtw-20 *} sec{\expndtw-2
0 *}or\i i\i0 in c{\expndtw-20 *}untr{\expndtw-20 *}\i {\expndtw-20 *}\i0 c{
\expndtw-20 *}mpared wit{\expndtw-20 *} {\expndtw-20 *}ountr{\expndtw-20 *}\i {
\expndtw-20 *}\i0 also depends on
\plain\expndtw5 \f20 \fs20 \cf1 wage{\expndtw-20 *} (\i w\dn4 \fs12 ij\i0 \dn0 \
fs20 and\i {\expndtw-20 *}\dn4 \fs12 ik\i0 \dn0 \fs20 ) {\expndtw-20 *}nd the
bil{\expndtw-20 *}teral exchange {\expndtw-20 *}ate (\i e\dn4 \fs12 jk\i0 \dn0 \
fs20 ), whi{\expndtw-20 *}h determine {\expndtw-20 *}e{\expndtw-20 *}at{\expndtw
-20 *}ve u{\expndtw-20 *}it
\plain\expndtw4 \f20 \fs20 \cf1 labor {\expndtw-20 *}ost, d{\expndtw-20 *}noted
by\i c\dn4 \fs12 ijk\i0 \dn0 \fs20 {\expndtw-20 *}{\expndtw-20 *} a {\expndtw20 *}{\expndtw-20 *}mmon cu{\expndtw-20 *}rency:
\par
\plain\pard\sl-354 \li744 \ri35 \expndtw3 \i \f20 \fs20 c\dn4 \fs12 ijk\i0 \dn0
\f40 \fs20 =\i \f20 a\dn4 \fs12 ij\dn0 \fs20 w\dn4 \fs12 ij\dn0 \fs20 {\expnd
tw-20 *}\dn4 \fs12 ik\dn0 \fs20 w\dn4 \fs12 ik\dn0 \fs20 {\expndtw-20 *}\dn4 \fs
12 jk\i0 \dn0 \fs20 .
\plain\tx7172 \tab \expndtw-10 \f20 \fs20 \cf1 (2)
\par
\plain\pard\sl-365 \li4 \ri35 \expndtw2 \f20 \fs20 \cf1 {\expndtw-20 *}ountry\i
j\i0 wi{\expndtw-20 *}l spec{\expndtw-20 *}a{\expndtw-20 *}iz{\expndtw-20 *} {
\expndtw-20 *}n goo{\expndtw-20 *}s where\i c\dn4 \fs12 ijk\i0 \dn0 \f40 \fs20
<\f20 1 and impo{\expndtw-20 *}t go{\expndtw-20 *}ds where\i c\dn4 \fs12 ijk\
i0 \dn0 \f40 \fs20 >\f20 1. {\expndtw-20 *}n {\expndtw-20 *}ost
\plain\par
\pard\sl-233 \li4 \ri35 \expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}xpos{\expndtw-2
0 *}{\expndtw-20 *}ions of the {\expndtw-20 *}icard{\expndtw-20 *}{\expndtw-20 *
}n mod{\expndtw-20 *}{\expndtw-20 *}, labor is {\expndtw-20 *}s{\expndtw-20 *}um
{\expndtw-20 *}d {\expndtw-20 *}o be homogeneous and {\expndtw-20 *}erfectly
\plain\expndtw5 \f20 \fs20 \cf1 mobile {\expndtw-20 *}{\expndtw-20 *}t{\expndtw20 *}een s{\expndtw-20 *}ct{\expndtw-20 *}rs. H{\expndtw-20 *}nc{\expndtw-20 *},
wages are eq{\expndtw-20 *}al {\expndtw-20 *}cr{\expndtw-20 *}ss sec{\expndtw-2
0 *}ors {\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}hin a cou{\expndtw-20 *}try
. We
\plain\expndtw4 \f20 \fs20 \cf1 rela{\expndtw-20 *} thi{\expndtw-20 *} assumptio
n of intersectoral wage equality in {\expndtw-20 *}ur em{\expndtw-20 *}irical an
alysis.
\plain\par
\pard\sl-233 \li4 \ri35 \fi200 \expndtw3 \f20 \fs20 \cf1 It is not str{\expndtw20 *}ightforward to imple{\expndtw-20 *}ent the Ricardian mod{\expndtw-20 *}l in
a mul{\expndtw-20 *}icountry setting.
\plain\expndtw4 \f20 \fs20 \cf1 {\expndtw-20 *}on{\expndtw-20 *}{\expndtw-20 *}d

er the\i {\expndtw-20 *}\i0 -g{\expndtw-20 *}od,\i n\i0 -co{\expndtw-20 *}ntry

ca{\expndtw-20 *}e, as in Jo{\expndtw-20 *}es ({\expndtw-20 *}9{\expndtw-20 *}1
).\up5 \fs12 {\expndtw-20 *}\up0 \fs20 Jone{\expndtw-20 *} shows th{\expndtw-20
*}t an {\expndtw-20 *}p{\expndtw-20 *}imal
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}ssignment invol{\expndtw-20 *}es
minimizing {\expndtw-20 *}he pr{\expndtw-20 *}{\expndtw-20 *}uct o{\expndtw-20 *
} {\expndtw-20 *}h{\expndtw-20 *} uni{\expndtw-20 *} {\expndtw-20 *}abor re{\exp
ndtw-20 *}u{\expndtw-20 *}rement{\expndtw-20 *} (or equiva\plain\expndtw5 \f20 \fs20 \cf1 lently, {\expndtw-20 *}f t{\expndtw-20 *}e un{\e
xpndtw-20 *}t l{\expndtw-20 *}bor c{\expndtw-20 *}st{\expndtw-20 *}, if wages ar
e allowed to differ ac{\expndtw-20 *}oss {\expndtw-20 *}{\expndtw-20 *}c{\expndt
w-20 *}ors). Suppose
\plain\expndtw5 \f20 \fs20 \cf1 tha{\expndtw-20 *} t{\expndtw-20 *}e commodi{\ex
pndtw-20 *}{\expndtw-20 *}es are indexed su{\expndtw-20 *}h that the op{\expndtw
-20 *}imal assignmen{\expndtw-20 *} {\expndtw-20 *}or coun{\expndtw-20 *}ry\i {
\expndtw-20 *}\i0 i{\expndtw-20 *} to
\plain\expndtw5 \f20 \fs20 \cf1 pr{\expndtw-20 *}duce go{\expndtw-20 *}d\i i\i0
. {\expndtw-20 *}o{\expndtw-20 *}sider a{\expndtw-20 *}l patterns of comp{\expn
dtw-20 *}ete spe{\expndtw-20 *}{\expndtw-20 *}alizat{\expndtw-20 *}{\expndtw-20
*}n; i.e., e{\expndtw-20 *}ch country {\expndtw-20 *}s
\plain\expndtw1 \f20 \fs20 \cf1 {\expndtw-20 *}ssigned {\expndtw-20 *}ne good. J
on{\expndtw-20 *}s's criter{\expndtw-20 *}on {\expndtw-20 *}s that the {\expndtw
-20 *}ptimal a{\expndtw-20 *}sign{\expndtw-20 *}e{\expndtw-20 *}t\i {\expndtw-2
0 *}\dn4 \fs12 ii\i0 \dn0 \fs20 must b{\expndtw-20 *} such that
\par
\plain\pard\sl-217 \li851 \ri5913 \expndtw5 \i \f20 \fs12 n
\plain\tx1494 \tab \expndtw5 \i \f20 \fs12 {\expndtw-20 *}
\par
\plain\pard\sl-297 \li764 \ri35 \expndtw-7 \f40 \fs30 '\i \f20 \fs20 a\i0 \dn6 \
f40 <\dn0 \fs30 '\i \f20 \fs20 a
\plain\expndtw-15 \i \f20 \fs12 ii
\plain\tx1777 \tab \expndtw-15 \i \f20 \fs12 {\expndtw-20 *}j
\plain\tx2069 \tab \expndtw4 \f20 \fs20 \cf1 for any\i j\i0 \f40 \expndtw-14{\
field{\*\fldinst SYMBOL 112 \\f Symbol }}\i \f20 i\i0 , and all\i j\i0 differ
ent {\expndtw-20 *}rom each oth{\expndtw-20 *}r.
\plain\tx7172 \tab \expndtw-10 \f20 \fs20 \cf1 (3)
\par
\plain\pard\sl-112 \li806 \ri5854 \expndtw-11 \i \f20 \fs12 {\expndtw-20 *}\i0 \
f40 =\f20 1
\plain\tx1449 \tab \expndtw-11 \i \f20 \fs12 i\i0 \f40 =\f20 1
\par
\plain\pard\sl-240 \li4 \ri34 \expndtw5 \f20 \fs20 \cf1 {\expndtw-20 *}his {\exp
ndtw-20 *}an be unde{\expndtw-20 *}stood {\expndtw-20 *}ntui{\expndtw-20 *}ively
by noting that if (3) is violate{\expndtw-20 *}, w{\expndtw-20 *}rld output of
{\expndtw-20 *}t
\plain\expndtw6 \f20 \fs20 \cf1 least one good c{\expndtw-20 *}n be in{\expndtw20 *}{\expndtw-20 *}ease{\expndtw-20 *} by reallocatin{\expndtw-20 *} pro{\expnd
tw-20 *}uctio{\expndtw-20 *} {\expndtw-20 *}atterns across co{\expndtw-20 *}ntr{
\expndtw-20 *}es
\plain\expndtw5 \f20 \fs20 \cf1 and g{\expndtw-20 *}{\expndtw-20 *}ds, since uni
{\expndtw-20 *} labor requ{\expndtw-20 *}rements are no{\expndtw-20 *} m{\expndt
w-20 *}nimized. In t{\expndtw-20 *}e tw{\expndtw-20 *}-c{\expndtw-20 *}{\expndtw
-20 *}ntry, two\plain\expndtw5 \f20 \fs20 \cf1 {\expndtw-20 *}ood case, Jones's cr{\expndtw-20
*}terion col{\expndtw-20 *}apse{\expndtw-20 *} to {\expndtw-20 *}he t{\expndtw-2
0 *}xtbook Ricar{\expndtw-20 *}ian {\expndtw-20 *}{\expndtw-20 *}sul{\expndtw-20

*} that country 1
\plain\expndtw3 \f20 \fs20 \cf1 h{\expndtw-20 *}s a comp{\expndtw-20 *}rati{\exp
ndtw-20 *}e adva{\expndtw-20 *}t{\expndtw-20 *}{\expndtw-20 *}e in good 1, and c
ountry 2 in good 2, if\i a\i0 \dn4 \fs12 11\dn0 \fs20 /\i a\i0 \dn4 \fs12 12\dn
0 \f40 \fs20 <\i \f20 a\i0 \dn4 \fs12 2{\expndtw-20 *}\dn0 \fs20 /\i a\i0 \dn4
\fs12 22\dn0 \fs20 .
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw7 \f20 \fs20 \cf1 It is i{\expndtw-20 *}p
ortant {\expndtw-20 *}o not{\expndtw-20 *} for our pu{\expndtw-20 *}p{\expndtw-2
0 *}ses {\expndtw-20 *}hat bilat{\expndtw-20 *}ral com{\expndtw-20 *}ar{\expndtw
-20 *}sons {\expndtw-20 *}{\expndtw-20 *} com{\expndtw-20 *}arative
\plain\expndtw4 \f20 \fs20 \cf1 adv{\expndtw-20 *}ntag{\expndtw-20 *} ar{\expndt
w-20 *} {\expndtw-20 *}ecess{\expndtw-20 *}r{\expndtw-20 *} although {\expndtw-2
0 *}ot {\expndtw-20 *}ufficient conditions for global optimality. Th{\expndtw-20
*}{\expndtw-20 *}
\plain\expndtw5 \f20 \fs20 \cf1 c{\expndtw-20 *}n be obser{\expndtw-20 *}e{\expn
dtw-20 *} by no{\expndtw-20 *}ing that a bilatera{\expndtw-20 *} violation of {\
expndtw-20 *}ompa{\expndtw-20 *}a{\expndtw-20 *}ive {\expndtw-20 *}{\expndtw-20
*}v{\expndtw-20 *}ntage implies
\plain\expndtw4 \f20 \fs20 \cf1 t{\expndtw-20 *}{\expndtw-20 *}t t{\expndtw-20 *
}e global c{\expndtw-20 *}{\expndtw-20 *}d{\expndtw-20 *}ti{\expndtw-20 *}n ({\e
xpndtw-20 *}) does not {\expndtw-20 *}old. {\expndtw-20 *}h{\expndtw-20 *}s pr{\
expndtw-20 *}vide{\expndtw-20 *} some jus{\expndtw-20 *}ificati{\expndtw-20 *}n
for focus\plain\expndtw4 \f20 \fs20 \cf1 ing on bila{\expndtw-20 *}eral trade pat{\expndt
w-20 *}erns, as w{\expndtw-20 *} do below.
\plain\par
\sl-111\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri34 \expndtw1 \f20 \fs1
2 \cf1 Blac{\expndtw-20 *}well Publ{\expndtw-20 *}shers Lt{\expndtw-20 *} 2000
\par
\sect\sectd\sbkpage\margtsxn380\pard
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\plain\pard\sl-219 \li4 \ri35 \fi1870 \expndtw8 \f20 \fs18 \cf1 RI{\expndtw-20 *
}{\expndtw-20 *}RDIAN THEORY OF {\expndtw-20 *}OMP{\expndtw-20 *}RATIVE ADV{\exp
ndtw-20 *}NTAGE
\plain\tx7128 \tab \expndtw-18 \f20 \fs20 \cf1 223
\plain\par
\sl-237\fs24\par\pard\pard\sl-200 \li4 \ri35 \expndtw2 \i \f20 \fs20 \cf1 Streng
{\expndtw-20 *}hs and Weakn{\expndtw-20 *}sses o{\expndtw-20 *} {\expndtw-20 *}h
e Ricardian Model
\par
\plain\sl-248\fs25\par\pard\pard\sl-240 \li4 \ri35 \expndtw12 \i \f20 \fs20 \cf1
Incomplete specialization\i0 Perhap{\expndtw-20 *} {\expndtw-20 *}he mo{\expnd
tw-20 *}t pr{\expndtw-20 *}ble{\expndtw-20 *}atical feature of the simple
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}icard{\expndtw-20 *}an model, fro
m an empirical point of v{\expndtw-20 *}ew, i{\expndtw-20 *} th{\expndtw-20 *} i
mp{\expndtw-20 *}ica{\expndtw-20 *}ion that {\expndtw-20 *}ountries spe\plain\expndtw4 \f20 \fs20 \cf1 cia{\expndtw-20 *}{\expndtw-20 *}ze co{\expndtw20 *}{\expndtw-20 *}{\expndtw-20 *}etely i{\expndtw-20 *} tradable-goo{\expndtw20 *}{\expndtw-20 *} pr{\expndtw-20 *}duction, exc{\expndtw-20 *}pt in cases w{\
expndtw-20 *}en a small count{\expndtw-20 *}y
\plain\expndtw7 \f20 \fs20 \cf1 cannot satisf{\expndtw-20 *} the demand {\expndt
w-20 *}f a la{\expndtw-20 *}ge country. In p{\expndtw-20 *}actice, im{\expndtw-2
0 *}ort-{\expndtw-20 *}ompeting se{\expndtw-20 *}tors
\plain\expndtw6 \f20 \fs20 \cf1 rarel{\expndtw-20 *} disappear in th{\expndtw-20
*} face of f{\expndtw-20 *}rei{\expndtw-20 *}n competition. There {\expndtw-20
*}re two p{\expndtw-20 *}ss{\expndtw-20 *}{\expndtw-20 *}le {\expndtw-20 *}outes
t{\expndtw-20 *}
\plain\expndtw5 \f20 \fs20 \cf1 re{\expndtw-20 *}onciling inc{\expndtw-20 *}mpl{
\expndtw-20 *}te specialization {\expndtw-20 *}{\expndtw-20 *}th differences in
la{\expndtw-20 *}or {\expndtw-20 *}roductivity: product
\plain\expndtw3 \f20 \fs20 \cf1 di{\expndtw-20 *}feren{\expndtw-20 *}iation a{\e
xpndtw-20 *}d d{\expndtw-20 *}sequilibrium {\expndtw-20 *}ff{\expndtw-20 *}cts.

\plain\par
\pard\sl-240 \li4 \ri35 \fi200 \expndtw8 \f20 \fs20 \cf1 A disequilibrium interp
ret{\expndtw-20 *}tion o{\expndtw-20 *} the {\expndtw-20 *}i{\expndtw-20 *}ardi{
\expndtw-20 *}{\expndtw-20 *} model {\expndtw-20 *}s {\expndtw-20 *}ha{\expndtw20 *} price and qu{\expndtw-20 *}{\expndtw-20 *}tity
\plain\expndtw3 \f20 \fs20 \cf1 arbitrage is inc{\expndtw-20 *}mp{\expndtw-20 *}
ete, resulting in inco{\expndtw-20 *}p{\expndtw-20 *}ete specialization i{\expnd
tw-20 *} {\expndtw-20 *}h{\expndtw-20 *} s{\expndtw-20 *}ort run. In {\expndtw-2
0 *}{\expndtw-20 *}ng\plain\expndtw6 \f20 \fs20 \cf1 run {\expndtw-20 *}quilibrium, ei{\expndtw-20 *}
he{\expndtw-20 *} complet{\expndtw-20 *} specializ{\expndtw-20 *}tion {\expndtw20 *}r equality of unit labor costs would
\plain\expndtw5 \f20 \fs20 \cf1 be attained, but the {\expndtw-20 *}ro{\expndtw20 *}ess o{\expndtw-20 *} adjus{\expndtw-20 *}m{\expndtw-20 *}nt may be {\expndt
w-20 *}er{\expndtw-20 *} slow. There is some {\expndtw-20 *}mpiric{\expndtw-20 *
}{\expndtw-20 *}
\plain\expndtw6 \f20 \fs20 \cf1 support for the e{\expndtw-20 *}i{\expndtw-20 *}
tence {\expndtw-20 *}f sustained d{\expndtw-20 *}sequilibr{\expndtw-20 *}a in th
{\expndtw-20 *} markets {\expndtw-20 *}or international{\expndtw-20 *}y
\plain\expndtw4 \f20 \fs20 \cf1 tr{\expndtw-20 *}d{\expndtw-20 *}d g{\expndtw-20
*}ods. In a clas{\expndtw-20 *}i{\expndtw-20 *} study, Is{\expndtw-20 *}rd (197
7) finds persisten{\expndtw-20 *} deviations from the law
\plain\expndtw6 \f20 \fs20 \cf1 {\expndtw-20 *}f o{\expndtw-20 *}e pr{\expndtw-2
0 *}ce {\expndtw-20 *}n US and Ger{\expndtw-20 *}an export {\expndtw-20 *}rice{\
expndtw-20 *} among highly disaggr{\expndtw-20 *}gat{\expndtw-20 *}d industrial
\plain\expndtw3 \f20 \fs20 \cf1 secto{\expndtw-20 *}s. G{\expndtw-20 *}ovannini
({\expndtw-20 *}98{\expndtw-20 *}) finds deviations from purch{\expndtw-20 *}sin
g p{\expndtw-20 *}wer parity even among
\plain\expndtw4 \f20 \fs20 \cf1 basic "commod{\expndtw-20 *}ty" manufactur{\expn
dtw-20 *}d {\expndtw-20 *}oo{\expndtw-20 *}s, such as ball bea{\expndtw-20 *}in{
\expndtw-20 *}s, screws, a{\expndtw-20 *}d n{\expndtw-20 *}ts and
\plain\expndtw5 \f20 \fs20 \cf1 bolts. Th{\expndtw-20 *} impo{\expndtw-20 *}{\ex
pndtw-20 *}a{\expndtw-20 *}{\expndtw-20 *}e of disequilibrium prices {\expndtw-2
0 *}nd quantities i{\expndtw-20 *} international trade is
\plain\expndtw5 \f20 \fs20 \cf1 furthe{\expndtw-20 *} do{\expndtw-20 *}umented {
\expndtw-20 *}n the experimental study of Nous{\expndtw-20 *}air et a{\expndtw-2
0 *}. (199{\expndtw-20 *}). The dis{\expndtw-20 *}{\expndtw-20 *}ui\plain\expndtw5 \f20 \fs20 \cf1 l{\expndtw-20 *}brium vi{\expndtw-20 *}w {\expnd
tw-20 *}mplies {\expndtw-20 *}ha{\expndtw-20 *} rel{\expndtw-20 *}tive unit l{\e
xpndtw-20 *}bor cos{\expndtw-20 *}s {\expndtw-20 *}re {\expndtw-20 *}ref{\expndt
w-20 *}rred to relative {\expndtw-20 *}roductiv\plain\expndtw9 \f20 \fs20 \cf1 ity as {\expndtw-20 *}he explanatory variable, s
{\expndtw-20 *}n{\expndtw-20 *}e th{\expndtw-20 *} former {\expndtw-20 *}llo{\ex
pndtw-20 *}s for {\expndtw-20 *}he possi{\expndtw-20 *}le effec{\expndtw-20 *}s
{\expndtw-20 *}f
\plain\expndtw4 \f20 \fs20 \cf1 sectoral wage differences on i{\expndtw-20 *}te{
\expndtw-20 *}n{\expndtw-20 *}tio{\expndtw-20 *}al competitive{\expndtw-20 *}ess
.
\plain\par
\pard\sl-240 \li4 \ri35 \fi200 \expndtw6 \f20 \fs20 \cf1 Alternat{\expndtw-20 *}
ve{\expndtw-20 *}y, {\expndtw-20 *}nc{\expndtw-20 *}mpl{\expndtw-20 *}te s{\expn
dtw-20 *}{\expndtw-20 *}ci{\expndtw-20 *}lization ({\expndtw-20 *}nd i{\expndtw20 *}traindustry trade) {\expndtw-20 *}an coexist with
\plain\expndtw3 \f20 \fs20 \cf1 product{\expndtw-20 *}{\expndtw-20 *}ity diffe{\
expndtw-20 *}ences, owing to {\expndtw-20 *}rod{\expndtw-20 *}{\expndtw-20 *}{\e
xpndtw-20 *} differe{\expndtw-20 *}ti{\expndtw-20 *}tion.With product d{\expndtw
-20 *}fferen{\expndtw-20 *}iation,
\plain\expndtw2 \f20 \fs20 \cf1 dif{\expndtw-20 *}ere{\expndtw-20 *}ces {\expndt
w-20 *}n t{\expndtw-20 *}chnolo{\expndtw-20 *}y can {\expndtw-20 *}rive interind
ust{\expndtw-20 *}y trade, while intrai{\expndtw-20 *}dustry {\expndtw-20 *}rade

o{\expndtw-20 *}curs
\plain\expndtw5 \f20 \fs20 \cf1 because of produ{\expndtw-20 *}t differentiation
, as in Krug{\expndtw-20 *}an (1981).\up5 \fs12 3\up0 \fs20 A{\expndtw-20 *}low
ing for produc{\expndtw-20 *} dif\plain\expndtw5 \f20 \fs20 \cf1 ferentia{\expndtw-20 *}ion {\expndtw-20 *}lso {\
expndtw-20 *}elp{\expndtw-20 *} address Bh{\expndtw-20 *}{\expndtw-20 *}wati's (
1964) obj{\expndtw-20 *}ction to tests of the Ric{\expndtw-20 *}rdian
\plain\expndtw5 \f20 \fs20 \cf1 theo{\expndtw-20 *}{\expndtw-20 *}. Bha{\expndtw
-20 *}wati arg{\expndtw-20 *}ed that if t{\expndtw-20 *}e t{\expndtw-20 *}sts of
t{\expndtw-20 *}e Ricar{\expndtw-20 *}ian model are based o{\expndtw-20 *} inco
m\plain\expndtw4 \f20 \fs20 \cf1 plete pri{\expndtw-20 *}e arbi{\expndtw-20 *}r{\
expndtw-20 *}{\expndtw-20 *}e, t{\expndtw-20 *}en o{\expndtw-20 *}e sho{\expndtw
-20 *}{\expndtw-20 *}d examine the lin{\expndtw-20 *} bet{\expndtw-20 *}{\expndt
w-20 *}en trade prices and trade
\plain\expndtw3 \f20 \fs20 \cf1 {\f63 \u64258\'3f}ows instead {\expndtw-20 *}f g
oing directly fr{\expndtw-20 *}m labor cost{\expndtw-20 *} to trade {\f63 \u6425
8\'3f}ow{\expndtw-20 *}. With product {\expndtw-20 *}i{\expndtw-20 *}feren\plain\expndtw2 \f20 \fs20 \cf1 tia{\expndtw-20 *}ion, p{\expndtw-20 *}{\expndtw
-20 *}ducti{\expndtw-20 *}i{\expndtw-20 *}y diff{\expndtw-20 *}rences, incomplet
e spec{\expndtw-20 *}a{\expndtw-20 *}i{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20
*}{\expndtw-20 *}on, an{\expndtw-20 *} commodity price eq{\expndtw-20 *}al\plain\expndtw5 \f20 \fs20 \cf1 izat{\expndtw-20 *}on {\expndtw-20 *}ould be con
sistent. {\expndtw-20 *}or ex{\expndtw-20 *}m{\expndtw-20 *}le in a variant of K
rugman'{\expndtw-20 *} (19{\expndtw-20 *}1) model o{\expndtw-20 *}
\plain\expndtw3 \f20 \fs20 \cf1 Di{\expndtw-20 *}{\expndtw-20 *}t-St{\expndtw-20
*}glitz monopolistic com{\expndtw-20 *}etit{\expndtw-20 *}o{\expndtw-20 *}, if
country\i X\i0 is relati{\expndtw-20 *}ely pr{\expndtw-20 *}duct{\expndtw-20 *
}ve in indus\plain\expndtw7 \f20 \fs20 \cf1 t{\expndtw-20 *}y\i {\expndtw-20 *}\i0 re{\exp
ndtw-20 *}{\expndtw-20 *}tive {\expndtw-20 *}o in{\expndtw-20 *}ustry\i B\i0 c
ompared with country\i Y\i0 ,\i X\i0 will p{\expndtw-20 *}oduc{\expndtw-20 *}
more varieti{\expndtw-20 *}s
\plain\expndtw4 \f20 \fs20 \cf1 and b{\expndtw-20 *} a net exporter {\expndtw-20
*}{\expndtw-20 *} go{\expndtw-20 *}d\i A\i0 , yet the pric{\expndtw-20 *} of e
ach variety {\expndtw-20 *}f good\i A\i0 will be equal\plain\expndtw4 \f20 \fs20 \cf1 ized ac{\expndtw-20 *}oss c{\expndtw-20 *}{\expn
dtw-20 *}ntries by trade. In such a fram{\expndtw-20 *}w{\expndtw-20 *}rk, t{\ex
pndtw-20 *}ere is {\expndtw-20 *}o link between observed
\plain\expndtw5 \f20 \fs20 \cf1 {\expndtw-20 *}ost-trade {\expndtw-20 *}elative
product pr{\expndtw-20 *}{\expndtw-20 *}es and trad{\expndtw-20 *} patterns, but
there is a link between r{\expndtw-20 *}la\plain\expndtw4 \f20 \fs20 \cf1 tive labor productivit{\expndtw-20 *} and trade.
\plain\par
\pard\sl-240 \li4 \ri35 \fi200 \expndtw5 \f20 \fs20 \cf1 Petri (1980) int{\expnd
tw-20 *}oduces incomplete spe{\expndtw-20 *}ializ{\expndtw-20 *}tion in a Rica{\
expndtw-20 *}d{\expndtw-20 *}a{\expndtw-20 *} {\expndtw-20 *}{\expndtw-20 *}del
{\expndtw-20 *}n a r{\expndtw-20 *}lated
\plain\expndtw2 \f20 \fs20 \cf1 wa{\expndtw-20 *}. He observes that even finely
disaggregated trade c{\expndtw-20 *}as{\expndtw-20 *}ifications may cover dif{\e
xpndtw-20 *}er\plain\expndtw6 \f20 \fs20 \cf1 {\expndtw-20 *}nt products. Different count{\exp
ndtw-20 *}{\expndtw-20 *}es may p{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}{\
expndtw-20 *}c{\expndtw-20 *} the sa{\expndtw-20 *}e {\expndtw-20 *}omm{\expndtw
-20 *}dity as class{\expndtw-20 *}fi{\expndtw-20 *}d by
\plain\expndtw6 \f20 \fs20 \cf1 trade {\expndtw-20 *}tatist{\expndtw-20 *}cs, be
ca{\expndtw-20 *}se {\expndtw-20 *}hose statisti{\expndtw-20 *}s aggregate produ
cts wi{\expndtw-20 *}h diff{\expndtw-20 *}re{\expndtw-20 *}t production
\plain\expndtw7 \f20 \fs20 \cf1 cha{\expndtw-20 *}acteris{\expndtw-20 *}i{\expnd

tw-20 *}s. Davi{\expndtw-20 *} (1995) shows that {\expndtw-20 *}ntraindustry tra

de can be explained {\expndtw-20 *}ith a
\plain\expndtw6 \f20 \fs20 \cf1 {\expndtw-20 *}ybri{\expndtw-20 *} Hecks{\expndt
w-20 *}her-{\expndtw-20 *}hlin-Ricard{\expndtw-20 *} model. Co{\expndtw-20 *}si{
\expndtw-20 *}er two goods which ha{\expndtw-20 *}e identical
\plain\expndtw3 \f20 \fs20 \cf1 factor inten{\expndtw-20 *}iti{\expndtw-20 *}{\e
xpndtw-20 *} at any given {\expndtw-20 *}act{\expndtw-20 *}r pri{\expndtw-20 *}e
s{\f63 \u8212\'3f}"{\expndtw-20 *}e{\expndtw-20 *}f{\expndtw-20 *}ct i{\expndtw20 *}t{\expndtw-20 *}aindustry go{\expndtw-20 *}ds" in Davis's
\plain\expndtw8 \f20 \fs20 \cf1 t{\expndtw-20 *}{\expndtw-20 *}minol{\expndtw-20
*}gy. D{\expndtw-20 *}{\expndtw-20 *}is point out {\expndtw-20 *}hat Hicks-{\ex
pndtw-20 *}eutral differe{\expndtw-20 *}ces in t{\expndtw-20 *}chnol{\expndtw-20
*}gies across
\plain\expndtw3 \f20 \fs20 \cf1 countries in th{\expndtw-20 *}s{\expndtw-20 *} {
\expndtw-20 *}oods, howe{\expndtw-20 *}er sma{\expndtw-20 *}l, will th{\expndtw20 *}n dic{\expndtw-20 *}a{\expndtw-20 *}e the pattern of specializat{\expndtw-2
0 *}on.
\plain\expndtw11 \f20 \fs20 \cf1 {\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}ce
, comparative adva{\expndtw-20 *}tage can have a Ricar{\expndtw-20 *}i{\expndtw20 *}n charac{\expndtw-20 *}er and l{\expndtw-20 *}ad to i{\expndtw-20 *}t{\expn
dtw-20 *}{\expndtw-20 *}\plain\expndtw2 \f20 \fs20 \cf1 in{\expndtw-20 *}ustry tr{\expndtw-20 *}de.
\plain\par
\sl-111\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri35 \fi5720 \expndtw1 \
f20 \fs12 \cf1 Blac{\expndtw-20 *}well Publish{\expndtw-20 *}rs Lt{\expndtw-20 *
} {\expndtw-20 *}{\expndtw-20 *}00
\par
\sect\sectd\sbkpage\margtsxn380\pard
\jexpand\viewkind1\paperw9520\paperh13940
{\shp
{\*\shpinst\shpleft0\shptop0\shpright9523\shpbottom13939
\shpfhdr0\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz0
{\sp{\sn shapeType}{\sv 75}}
{\sp{\sn pib}{\sv {\pict\jpegblip\picw476 \pich696
\picwgoal9523 \pichgoal13939
\picscalex100 \picscaley100
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puts.
\plain\expndtw2 \f20 \fs20 \cf1 There {\expndtw-20 *}r{\expndtw-20 *} severa{\ex
pndtw-20 *} big a{\expndtw-20 *}va{\expndtw-20 *}tages to emphasi{\expndtw-20 *}
ing the role of labo{\expndtw-20 *}, howev{\expndtw-20 *}r. First, l{\expndtw-20
*}bo{\expndtw-20 *}
\plain\expndtw6 \f20 \fs20 \cf1 is the main nontradabl{\expndtw-20 *} primary {\
expndtw-20 *}nput. {\expndtw-20 *}a{\expndtw-20 *}ital and {\expndtw-20 *}atura{
\expndtw-20 *} res{\expndtw-20 *}urces are much more
\plain\expndtw7 \f20 \fs20 \cf1 mob{\expndtw-20 *}l{\expndtw-20 *} th{\expndtw-2
0 *}n labor, an{\expndtw-20 *} as a c{\expndtw-20 *}nsequ{\expndtw-20 *}nce inte
rnational diffe{\expndtw-20 *}en{\expndtw-20 *}es in labor c{\expndtw-20 *}s{\ex
pndtw-20 *}s are
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}uch gre{\expndtw-20 *}te{\expndtw
-20 *} tha{\expndtw-20 *} in other factors' co{\expndtw-20 *}ts.\up5 \fs12 4\up0
\fs20 As Jones (1980) h{\expndtw-20 *}s emphasized, f{\expndtw-20 *}r highly
\plain\expndtw8 \f20 \fs20 \cf1 mobile f{\expndtw-20 *}ctors such as c{\expndtw20 *}p{\expndtw-20 *}tal and raw mate{\expndtw-20 *}ials, absolu{\expndtw-20 *}e
ra{\expndtw-20 *}her than co{\expndtw-20 *}para{\expndtw-20 *}{\expndtw-20 *}ve
\plain\expndtw5 \f20 \fs20 \cf1 advantage becomes rel{\expndtw-20 *}vant for th{
\expndtw-20 *} locat{\expndtw-20 *}{\expndtw-20 *}n of p{\expndtw-20 *}oduction.

\up5 \fs12 5\up0 \fs20 The {\expndtw-20 *}ocation of per{\expndtw-20 *}ectly

\plain\expndtw3 \f20 \fs20 \cf1 mobile factors is endogeno{\expndtw-20 *}s and c
annot be c{\expndtw-20 *}nsidered an independent source of com\plain\expndtw2 \f20 \fs20 \cf1 parati{\expndtw-20 *}{\expndtw-20 *} adv{\expndt
w-20 *}{\expndtw-20 *}tage. Similarly, Fergus{\expndtw-20 *}n (1{\expndtw-20 *}{
\expndtw-20 *}8) sho{\expndtw-20 *}s that comparative advantage takes
\plain\expndtw7 \f20 \fs20 \cf1 on a Ricardian character in a sta{\expndtw-20 *}
da{\expndtw-20 *}d {\expndtw-20 *}wo-f{\expndtw-20 *}ctor model und{\expndtw-20
*}r {\expndtw-20 *}erfect in{\expndtw-20 *}ern{\expndtw-20 *}tional
\plain\expndtw3 \f20 \fs20 \cf1 capital mobility. In the sp{\expndtw-20 *}cial c
ase where technologica{\expndtw-20 *} diffe{\expndtw-20 *}e{\expndtw-20 *}c{\exp
ndtw-20 *}s between c{\expndtw-20 *}un{\expndtw-20 *}ries
\plain\expndtw7 \f20 \fs20 \cf1 are due to diff{\expndtw-20 *}rences in th{\expn
dtw-20 *} {\expndtw-20 *}fficiency {\expndtw-20 *}f {\expndtw-20 *}abor, Fergu{\
expndtw-20 *}on (19{\expndtw-20 *}{\expndtw-20 *}) demonstrates that
\plain\expndtw5 \f20 \fs20 \cf1 r{\expndtw-20 *}l{\expndtw-20 *}tive labor produ
ctivity {\expndtw-20 *}s th{\expndtw-20 *} sole determinant of compa{\expndtw-20
*}ativ{\expndtw-20 *} advant{\expndtw-20 *}ge, and t{\expndtw-20 *}at
\plain\expndtw5 \f20 \fs20 \cf1 the MacDougall (1951) approach to testing compar
ative advantage is {\expndtw-20 *}alid. It is true
\plain\expndtw10 \f20 \fs20 \cf1 that {\expndtw-20 *}nder so{\expndtw-20 *}e c{\
expndtw-20 *}nditi{\expndtw-20 *}n{\expndtw-20 *} {\expndtw-20 *}ap{\expndtw-20
*}tal {\expndtw-20 *}obility and trade may be perfect s{\expndtw-20 *}bsti{\expn
dtw-20 *}utes
\plain\expndtw4 \f20 \fs20 \cf1 insof{\expndtw-20 *}r as {\expndtw-20 *}ra{\expn
dtw-20 *}e {\expndtw-20 *}esults in factor-price equal{\expndtw-20 *}zat{\expndt
w-20 *}o{\expndtw-20 *}, so {\expndtw-20 *}apit{\expndtw-20 *}{\expndtw-20 *}-la
{\expndtw-20 *}or ratios may {\expndtw-20 *}eter\plain\expndtw9 \f20 \fs20 \cf1 {\expndtw-20 *}{\expndtw-20 *}ne trad{\expndtw-2
0 *} pattern{\expndtw-20 *} ev{\expndtw-20 *}n unde{\expndtw-20 *} perfect capit
al mobil{\expndtw-20 *}t{\expndtw-20 *}. {\expndtw-20 *}ut if there are in{\expn
dtw-20 *}ust{\expndtw-20 *}y\plain\expndtw4 \f20 \fs20 \cf1 specific te{\expndtw-20 *}hnological differences
{\expndtw-20 *}et{\expndtw-20 *}ee{\expndtw-20 *} countries{\f63 \u8212\'3f}as
emphasiz{\expndtw-20 *}d in the Ri{\expndtw-20 *}ardian
\plain\expndtw6 \f20 \fs20 \cf1 mod{\expndtw-20 *}l{\f63 \u8212\'3f}factor price
s are less likely {\expndtw-20 *}o be e{\expndtw-20 *}ualiz{\expndtw-20 *}d by {
\expndtw-20 *}rade alone. In {\expndtw-20 *}{\expndtw-20 *}ort, inte{\expndtw-20
*}na\plain\expndtw5 \f20 \fs20 \cf1 t{\expndtw-20 *}onal capital m{\expndtw-20 *}bil
ity implies {\expndtw-20 *}hat a theory o{\expndtw-20 *} compar{\expndtw-20 *}ti
ve adv{\expndtw-20 *}{\expndtw-20 *}tage base{\expndtw-20 *} on labor
\plain\expndtw6 \f20 \fs20 \cf1 costs is les{\expndtw-20 *} circ{\expndtw-20 *}m
s{\expndtw-20 *}r{\expndtw-20 *}bed t{\expndtw-20 *}an {\expndtw-20 *}ppears at
first, alth{\expndtw-20 *}ugh rel{\expndtw-20 *}{\expndtw-20 *}ive l{\expndtw-20
*}bor cos{\expndtw-20 *}{\expndtw-20 *} are the
\plain\expndtw4 \f20 \fs20 \cf1 sole det{\expndtw-20 *}rm{\expndtw-20 *}nan{\exp
ndtw-20 *} of {\expndtw-20 *}ompa{\expndtw-20 *}ati{\expndtw-20 *}e ad{\expndtw20 *}antage on{\expndtw-20 *}y in {\expndtw-20 *}pecial cases.
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw3 \f20 \fs20 \cf1 S{\expndtw-20 *}con{\ex
pndtw-20 *}, recent compar{\expndtw-20 *}ti{\expndtw-20 *}e studies have i{\expn
dtw-20 *}entified la{\expndtw-20 *}ge variation{\expndtw-20 *} i{\expndtw-20 *}
sectoral labo{\expndtw-20 *}
\plain\expndtw1 \f20 \fs20 \cf1 productivity acro{\expndtw-20 *}s coun{\expndtw20 *}ries (Maskus, 199{\expndtw-20 *}; Caves et al., 1992; McKi{\expndtw-20 *}{\
expndtw-20 *}ey, 1993; {\expndtw-20 *}olla{\expndtw-20 *}
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}nd Wolff, 19{\expndtw-20 *}3; Wol
{\expndtw-20 *}f, 19{\expndtw-20 *}3; Van A{\expndtw-20 *}k and Pilat, {\expndtw
-20 *}993; {\expndtw-20 *}org{\expndtw-20 *}nson, 1995). There have

\plain\expndtw5 \f20 \fs20 \cf1 {\expndtw-20 *}e{\expndtw-20 *}n fe{\expndtw-20

*} att{\expndtw-20 *}{\expndtw-20 *}pts t{\expndtw-20 *} re{\expndtw-20 *}ate {\
expndtw-20 *}hese diffe{\expndtw-20 *}enc{\expndtw-20 *}s in re{\expndtw-20 *}{\
expndtw-20 *}tive p{\expndtw-20 *}oductiviti{\expndtw-20 *}s to tr{\expndtw-20 *
}de {\f63 \u64258\'3f}ow{\expndtw-20 *},
\plain\expndtw4 \f20 \fs20 \cf1 h{\expndtw-20 *}{\expndtw-20 *}ever, as the Rica
r{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}n mod{\expndtw-20 *}l suggest{\exp
ndtw-20 *}.\up5 \fs12 {\expndtw-20 *}
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw6 \f20 \fs20 \cf1 Table 1 ill{\expndtw-20
*}strates the differ{\expndtw-20 *}nces i{\expndtw-20 *} pr{\expndtw-20 *}d{\ex
pndtw-20 *}ctivit{\expndtw-20 *} i{\expndtw-20 *} {\expndtw-20 *}anufactu{\expnd
tw-20 *}ing by sec{\expndtw-20 *}or for a
\plain\expndtw3 \f20 \fs20 \cf1 few {\expndtw-20 *}f the countries studied in th
{\expndtw-20 *}s pape{\expndtw-20 *}.\up5 \fs12 7\up0 \fs20 Clearly, {\expndtw20 *}{\expndtw-20 *}untri{\expndtw-20 *}s d{\expndtw-20 *}ffer sharply not on{\e
xpndtw-20 *}y in
\plain\expndtw6 \f20 \fs20 \cf1 t{\expndtw-20 *}eir o{\expndtw-20 *}erall produc
{\expndtw-20 *}iv{\expndtw-20 *}ty levels, but also {\expndtw-20 *}n the sectora
l dis{\expndtw-20 *}{\expndtw-20 *}ibution of product{\expndtw-20 *}vity.
\plain\expndtw8 \f20 \fs20 \cf1 In p{\expndtw-20 *}rticu{\expndtw-20 *}ar, the c
ar{\expndtw-20 *}ful comparison{\expndtw-20 *} of the United St{\expndtw-20 *}{\
expndtw-20 *}es, Japan, and Ge{\expndtw-20 *}many {\expndtw-20 *}n
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}{\expndtw-20 *}Kin{\expndtw-20 *}
e{\expndtw-20 *} (1{\expndtw-20 *}{\expndtw-20 *}3) id{\expndtw-20 *}ntifi{\expn
dtw-20 *}{\expndtw-20 *} {\expndtw-20 *}ector-specific pro{\expndtw-20 *}uction
and organizatio{\expndtw-20 *}{\expndtw-20 *}l practices as
\plain\expndtw3 \f20 \fs20 \cf1 t{\expndtw-20 *}e most import{\expndtw-20 *}nt f
actor{\expndtw-20 *} accoun{\expndtw-20 *}ing for indu{\expndtw-20 *}try product
ivity differ{\expndtw-20 *}ntials. This s{\expndtw-20 *}{\expndtw-20 *}\plain\expndtw11 \f20 \fs20 \cf1 gests that technologi{\expndtw-20 *}al differen
ces are not ne{\expndtw-20 *}tra{\expndtw-20 *} {\expndtw-20 *}cross s{\expndtw20 *}ctors, in contrast to
\plain\expndtw4 \f20 \fs20 \cf1 {\expndtw-20 *}re{\f63 \u64258\'3f}er's (1993, 1
995) amendme{\expndtw-20 *}t of the Hecksch{\expndtw-20 *}r-Oh{\expndtw-20 *}in
mode{\expndtw-20 *} to include neut{\expndtw-20 *}a{\expndtw-20 *}
\plain\expndtw7 \f20 \fs20 \cf1 {\expndtw-20 *}echnologic{\expndtw-20 *}l differ
ences. Third, a{\expndtw-20 *} a practical matter, data on labor costs are much
\plain\expndtw5 \f20 \fs20 \cf1 mo{\expndtw-20 *}e {\expndtw-20 *}eadily availab
{\expndtw-20 *}e than for oth{\expndtw-20 *}{\expndtw-20 *} c{\expndtw-20 *}st{\
expndtw-20 *} of pr{\expndtw-20 *}{\expndtw-20 *}uction.
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw17 \f20 \fs20 \cf1 Furthermore, a{\expndt
w-20 *} De{\expndtw-20 *}rdorff (1984) points out, the {\expndtw-20 *}rodu{\expn
dtw-20 *}tivity and f{\expndtw-20 *}ctor\plain\expndtw7 \f20 \fs20 \cf1 en{\expndtw-20 *}o{\expndtw-20 *}ments-based app
roaches to com{\expndtw-20 *}ar{\expndtw-20 *}tive advanta{\expndtw-20 *}e a{\ex
pndtw-20 *}e {\expndtw-20 *}ot necess{\expndtw-20 *}rily incon\plain\expndtw5 \f20 \fs20 \cf1 si{\expndtw-20 *}{\expndtw-20 *}ent. Al{\expndtw
-20 *}{\expndtw-20 *}o{\expndtw-20 *}gh most expos{\expndtw-20 *}tions of the Ri
cardian mo{\expndtw-20 *}e{\expndtw-20 *} ass{\expndtw-20 *}me tha{\expndtw-20 *
} {\expndtw-20 *}ifferences in
\plain\expndtw5 \f20 \fs20 \cf1 labor productiv{\expndtw-20 *}ty a{\expndtw-20 *
}ise fr{\expndtw-20 *}m tec{\expndtw-20 *}nolog{\expndtw-20 *}{\expndtw-20 *}a{\
expndtw-20 *} differences, differences in relative {\expndtw-20 *}a{\expndtw-20
*}tor
\plain\expndtw4 \f20 \fs20 \cf1 endow{\expndtw-20 *}ents c{\expndtw-20 *}u{\expn
dtw-20 *}d give ri{\expndtw-20 *}e {\expndtw-20 *}o product{\expndtw-20 *}vity d
iffer{\expndtw-20 *}nces, if th{\expndtw-20 *} endowmen{\expndtw-20 *} differenc
es

\plain\expndtw4 \f20 \fs20 \cf1 are larg{\expndtw-20 *} eno{\expndtw-20 *}{\expn

dtw-20 *}{\expndtw-20 *} {\expndtw-20 *}o force c{\expndtw-20 *}mplete speci{\ex
pndtw-20 *}liz{\expndtw-20 *}ti{\expndtw-20 *}n, or if barriers to tra{\expndtw20 *}e prec{\expndtw-20 *}{\expndtw-20 *}de com\plain\expndtw7 \f20 \fs20 \cf1 plete price arbitrage {\expndtw-20 *}cross count
ries. It would {\expndtw-20 *}{\expndtw-20 *} intere{\expndtw-20 *}ting to {\exp
ndtw-20 *}{\expndtw-20 *}t{\expndtw-20 *}m{\expndtw-20 *}t to separate
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}ut the in{\f63 \u64258\'3f}{\expn
dtw-20 *}ences {\expndtw-20 *}f {\expndtw-20 *}if{\expndtw-20 *}e{\expndtw-20 *}
ences in {\expndtw-20 *}{\expndtw-20 *}chnology and in {\expndtw-20 *}ac{\expndt
w-20 *}or endow{\expndtw-20 *}ents on labor pro\plain\expndtw4 \f20 \fs20 \cf1 ductivity, b{\expndtw-20 *}t th{\expndtw-20 *}s
is no{\expndtw-20 *} e{\expndtw-20 *}sy. {\expndtw-20 *}he theory of endo{\expnd
tw-20 *}e{\expndtw-20 *}ous growth {\expndtw-20 *}uggests that {\expndtw-20 *}{\
expndtw-20 *}chno\plain\expndtw3 \f20 \fs20 \cf1 lo{\expndtw-20 *}ical pro{\expndtw-20 *}{\expndt
w-20 *}{\expndtw-20 *}ss and capita{\expndtw-20 *} a{\expndtw-20 *}{\expndtw-20
*}umu{\expndtw-20 *}{\expndtw-20 *}tio{\expndtw-20 *} are inextricabl{\expndtw-2
0 *} in{\expndtw-20 *}ertwined. Fo{\expndtw-20 *} example, in
\plain\expndtw3 \f20 \fs20 \cf1 Rom{\expndtw-20 *}r's (1990) model, technologic{
\expndtw-20 *}{\expndtw-20 *} progre{\expndtw-20 *}s {\expndtw-20 *}s em{\expndt
w-20 *}od{\expndtw-20 *}ed in new varieties of capita{\expndtw-20 *}
\plain\par
\sl-111\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri34 \expndtw1 \f20 \fs1
2 \cf1 Blackwell Publishers Ltd 2000
\par
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1. {\expndtw-20 *}{\expndtw-20 *}al Value Added P{\expndtw-20 *}r Person Engaged
, {\expndtw-20 *}99{\expndtw-20 *}, by Se{\expndtw-20 *}tor (US\i0 \f40 =\i \f2
0 1.0)
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.2{\expndtw-20 *}
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\plain\sl-235\fs23\par\pard\pard\sl-200 \li4 \ri35 \expndtw2 \i \f20 \fs16 \cf1
S{\expndtw-20 *}urce\i0 : OECD STA{\expndtw-20 *} database and {\expndtw-20 *}ut
hors' c{\expndtw-20 *}lculations, as described in {\expndtw-20 *}he text. Uses I
COP P{\expndtw-20 *}P ex{\expndtw-20 *}ha{\expndtw-20 *}ge
\plain\expndtw4 \f20 \fs16 \cf1 rates to convert t{\expndtw-20 *} a commo{\expnd
tw-20 *} cu{\expndtw-20 *}re{\expndtw-20 *}cy.
\plain\par
\sl-317\fs32\par\pard\pard\sl-240 \li4 \ri35 \expndtw2 \f20 \fs20 \cf1 {\expndtw
-20 *}oods. The theory of endogenou{\expndtw-20 *} g{\expndtw-20 *}ow{\expndtw-2
0 *}h reinfo{\expndtw-20 *}ces the result from neo{\expndtw-20 *}las{\expndtw-20
*}ica{\expndtw-20 *} m{\expndtw-20 *}dels
\plain\expndtw8 \f20 \fs20 \cf1 that tec{\expndtw-20 *}no{\expndtw-20 *}ogical p
{\expndtw-20 *}ogress {\expndtw-20 *}{\expndtw-20 *}ovides a{\expndtw-20 *} i{\e
xpndtw-20 *}centive for {\expndtw-20 *}urther capital accum{\expndtw-20 *}{\expn
dtw-20 *}ation.
\plain\expndtw2 \f20 \fs20 \cf1 Altho{\expndtw-20 *}gh growth theo{\expndtw-20 *
}y focu{\expndtw-20 *}es o{\expndtw-20 *} macroeconomic aggregate{\expndtw-20 *}
, s{\expndtw-20 *}ch pro{\expndtw-20 *}ess{\expndtw-20 *}s are also
\plain\expndtw4 \f20 \fs20 \cf1 at wo{\expndtw-20 *}k at {\expndtw-20 *}he secto
ral l{\expndtw-20 *}vel. Mo{\expndtw-20 *}{\expndtw-20 *}ove{\expndtw-20 *}, w{\
expndtw-20 *} {\expndtw-20 *}{\expndtw-20 *}liev{\expndtw-20 *} it i{\expndtw-20
*} u{\expndtw-20 *}eful {\expndtw-20 *}nd interesting to {\expndtw-20 *}tudy
\plain\expndtw4 \f20 \fs20 \cf1 t{\expndtw-20 *}e effects of productivity on tra
de, even if th{\expndtw-20 *} ulti{\expndtw-20 *}at{\expndtw-20 *} causes of the
pr{\expndtw-20 *}ductiv{\expndtw-20 *}ty dif\plain\expndtw4 \f20 \fs20 \cf1 f{\expndtw-20 *}ren{\expndtw-20 *}es {\expndtw-2
0 *}re unknown.
\plain\par
\pard\sl-240 \li4 \ri35 \fi200 \expndtw7 \f20 \fs20 \cf1 The volum{\expndtw-20 *
}nous e{\expndtw-20 *}pirical research on the factor-endowme{\expndtw-20 *}ts th
eory has yielded
\plain\expndtw4 \f20 \fs20 \cf1 mixed res{\expndtw-20 *}lts.\up5 \fs12 8\up0 \fs
20 {\expndtw-20 *}{\expndtw-20 *} contrast, the classic MacDouga{\expndtw-20 *}
l (1951) test of the Ricardian model
\plain\expndtw5 \f20 \fs20 \cf1 and the follow-ups {\expndtw-20 *}y Stern (1962)
an{\expndtw-20 *} Balas{\expndtw-20 *}a (19{\expndtw-20 *}3), all {\expndtw-20
*}{\expndtw-20 *} US {\expndtw-20 *}nd U{\expndtw-20 *} {\expndtw-20 *}rade wit{
\expndtw-20 *}
\plain\expndtw4 \f20 \fs20 \cf1 third cou{\expndtw-20 *}tries, were quite succes
sful, but there have been few studi{\expndtw-20 *}s since then. W{\expndtw-20 *}
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}im to fi{\expndtw-20 *}l this gap
in th{\expndtw-20 *} literature.
\plain\par
\sl-88\fs9\par\sl-240\fs24\par\pard\pard\sl-220 \li4 \ri35 \expndtw0 \b \f20 \fs
22 \cf1 3. Bilateral Comparat{\expndtw-20 *}ve Adv{\expndtw-20 *}{\expndtw-20 *}
tage and Tr{\expndtw-20 *}de Pa{\expndtw-20 *}terns
\plain\par
\sl-263\fs26\par\pard\pard\sl-200 \li4 \ri35 \expndtw-6 \i \f20 \fs20 \cf1 {\exp
ndtw-20 *}{\expndtw-20 *}ecific{\expndtw-20 *}tion
\plain\par
\pard\sl-367 \li4 \ri35 \expndtw10 \f20 \fs20 \cf1 This section p{\expndtw-20 *}
esents appli{\expndtw-20 *}ations of the Ricardian theor{\expndtw-20 *} {\expndt

w-20 *}{\expndtw-20 *}r countries {\expndtw-20 *}{\expndtw-20 *}d time

\plain\par
\pard\sl-240 \li4 \ri35 \expndtw3 \f20 \fs20 \cf1 periods not previou{\expndtw-2
0 *}l{\expndtw-20 *} exami{\expndtw-20 *}ed.We tes{\expndtw-20 *}ed {\expndtw-20
*}he Ricardian model for t{\expndtw-20 *}e following pairs
\plain\expndtw5 \f20 \fs20 \cf1 of countries\i vi{\expndtw-20 *}--vis\i0 the U{
\expndtw-20 *}: Japa{\expndtw-20 *}, {\expndtw-20 *}ermany, France, U{\expndtw-2
0 *}, Italy, Canada, Australia,
\plain\expndtw3 \f20 \fs20 \cf1 Korea, an{\expndtw-20 *} Mexico. Thi{\expndtw-20
*} is a diverse group o{\expndtw-20 *} countries cons{\expndtw-20 *}it{\expndtw
-20 *}{\expndtw-20 *}ing a large par{\expndtw-20 *} of US
\plain\expndtw5 \f20 \fs20 \cf1 trade. The main da{\expndtw-20 *}a sour{\expndtw
-20 *}es ar{\expndtw-20 *} the OE{\expndtw-20 *}D's Structural Analysis {\expndt
w-20 *}n{\expndtw-20 *}ustrial (STAN)
\plain\expndtw5 \f20 \fs20 \cf1 and Bila{\expndtw-20 *}eral Trade (BTD) database
s.\up5 \fs12 9
\plain\par
\sl-106\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri35 \fi5720 \expndtw1 \
f20 \fs12 \cf1 Bla{\expndtw-20 *}kw{\expndtw-20 *}ll Publishe{\expndtw-20 *}s Lt
d 20{\expndtw-20 *}0
\par
\sect\sectd\sbkpage\margtsxn380\pard
\jexpand\viewkind1\paperw9520\paperh13940
{\shp
{\*\shpinst\shpleft0\shptop0\shpright9523\shpbottom13939
\shpfhdr0\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz0
{\sp{\sn shapeType}{\sv 75}}
{\sp{\sn pib}{\sv {\pict\jpegblip\picw476 \pich696
\picwgoal9523 \pichgoal13939
\picscalex100 \picscaley100
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028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0
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\plain\pard\sl-219 \li4 \ri3916 \expndtw-19 \f20 \fs20 \cf1 226
\plain\tx501 \tab \expndtw2 \i \f20 \fs18 \cf1 Stephen S. Golub {\expndtw-20 *}n
d {\expndtw-20 *}{\expndtw-20 *}ang-Tai Hs{\expndtw-20 *}eh
\par
\plain\sl-205\fs21\par\pard\pard\sl-240 \li4 \ri35 \expndtw6 \i \f20 \fs20 \cf1
{\expndtw-20 *}ependent v{\expndtw-20 *}riabl{\expndtw-20 *}\i0 For each of the
se bilatera{\expndtw-20 *} t{\expndtw-20 *}ad{\expndtw-20 *} pairs, {\expndtw-20
*}ep{\expndtw-20 *}nding on dat{\expndtw-20 *} avail\plain\expndtw3 \f20 \fs20 \cf1 ability, two {\expndtw-20 *}{\expndtw-20 *}ter{\
expndtw-20 *}a{\expndtw-20 *}ive measur{\expndtw-20 *}s of {\expndtw-20 *}rade {
\f63 \u64258\'3f}ows wer{\expndtw-20 *} used: bilateral trade {\expndtw-20 *}ala
{\expndtw-20 *}ces and
\plain\expndtw1 \f20 \fs20 \cf1 expor{\expndtw-20 *} ratio{\expndtw-20 *}.

\plain\par
\sl-260\fs26\par\pard\pard\sl-240 \li4 \ri35 \expndtw5 \i \f20 \fs20 \cf1 E{\exp
ndtw-20 *}port ratios\i0 The MacDo{\expndtw-20 *}gal{\expndtw-20 *} (1951), Ste
rn (1962), and Balassa (19{\expndtw-20 *}3) stu{\expndtw-20 *}ie{\expndtw-20 *}
used
\plain\expndtw5 \f20 \fs20 \cf1 the {\expndtw-20 *}atio of US to {\expndtw-20 *}
K exports as th{\expndtw-20 *} de{\expndtw-20 *}end{\expndtw-20 *}nt variabl{\ex
pndtw-20 *}. Ma{\expndtw-20 *}D{\expndtw-20 *}ugal{\expndtw-20 *} and Stern used
\plain\expndtw7 \f20 \fs20 \cf1 total exports, {\expndtw-20 *}hi{\expndtw-20 *}e
Ba{\expndtw-20 *}assa {\expndtw-20 *}s{\expndtw-20 *}d expor{\expndtw-20 *}s to
third ma{\expndtw-20 *}kets, excl{\expndtw-20 *}ding the{\expndtw-20 *}r {\expn
dtw-20 *}ilateral
\plain\expndtw4 \f20 \fs20 \cf1 t{\expndtw-20 *}{\expndtw-20 *}de. Balassa exc{\
expndtw-20 *}uded bilateral tra{\expndtw-20 *}e on the gro{\expndtw-20 *}nds {\e
xpndtw-20 *}{\expndtw-20 *}at the latter is affected {\expndtw-20 *}y the
\plain\expndtw3 \f20 \fs20 \cf1 rel{\expndtw-20 *}{\expndtw-20 *}ive size o{\exp
ndtw-20 *} U{\expndtw-20 *} an{\expndtw-20 *} UK trad{\expndtw-20 *} b{\expndtw20 *}rri{\expndtw-20 *}rs. Balassa's sam{\expndtw-20 *}le is from 1950 when tari
ffs
\plain\expndtw6 \f20 \fs20 \cf1 were much h{\expndtw-20 *}ghe{\expndtw-20 *} tha
n in the post-1970 pe{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}d, wh{\expndtw
-20 *}ch is {\expndtw-20 *}he sample perio{\expndtw-20 *} h{\expndtw-20 *}re. {\
expndtw-20 *}n
\plain\expndtw8 \f20 \fs20 \cf1 the other hand, transportation costs to thir{\ex
pndtw-20 *} m{\expndtw-20 *}rkets may not be identical, w{\expndtw-20 *}ereas
\plain\expndtw4 \f20 \fs20 \cf1 they s{\expndtw-20 *}ould {\expndtw-20 *}e ne{\e
xpndtw-20 *}rly identical for bilate{\expndtw-20 *}al tra{\expndtw-20 *}e (the {
\expndtw-20 *}istance {\expndtw-20 *}rom th{\expndtw-20 *} US to the UK
\plain\expndtw7 \f20 \fs20 \cf1 {\expndtw-20 *}s th{\expndtw-20 *} {\expndtw-20
*}ame a{\expndtw-20 *} from th{\expndtw-20 *} U{\expndtw-20 *} to {\expndtw-20 *
}h{\expndtw-20 *} US), so t{\expndtw-20 *}e Bal{\expndtw-20 *}ssa f{\expndtw-20
*}cus on third markets se{\expndtw-20 *}{\expndtw-20 *}s
\plain\expndtw3 \f20 \fs20 \cf1 ques{\expndtw-20 *}i{\expndtw-20 *}nable in a wo
r{\expndtw-20 *}d where t{\expndtw-20 *}ansportati{\expndtw-20 *}n costs are {\e
xpndtw-20 *}ignificant relative to tari{\expndtw-20 *}fs and
\plain\expndtw3 \f20 \fs20 \cf1 o{\expndtw-20 *}her {\expndtw-20 *}arriers. {\ex
pndtw-20 *}lso, in {\expndtw-20 *}os{\expndtw-20 *} cases tra{\expndtw-20 *}e ba
rriers will {\expndtw-20 *}lter the magnitude of {\expndtw-20 *}rade {\expndtw-2
0 *}ather
\plain\expndtw6 \f20 \fs20 \cf1 t{\expndtw-20 *}an its directio{\expndtw-20 *},
so bilateral trade {\f63 \u64258\'3f}ows sh{\expndtw-20 *}uld sti{\expndtw-20 *}
{\expndtw-20 *} re{\f63 \u64258\'3f}ec{\expndtw-20 *} com{\expndtw-20 *}arative
advanta{\expndtw-20 *}{\expndtw-20 *}
\plain\expndtw8 \f20 \fs20 \cf1 despite the presence of asymme{\expndtw-20 *}ric
al {\expndtw-20 *}a{\expndtw-20 *}riers. Furthermore, if bi{\expndtw-20 *}{\expn
dtw-20 *}teral trade i{\expndtw-20 *} an
\plain\expndtw5 \f20 \fs20 \cf1 important part of total trade, omitting t{\expnd
tw-20 *}e former le{\expndtw-20 *}{\expndtw-20 *}es out part of w{\expndtw-20 *}
at {\expndtw-20 *}{\expndtw-20 *}e seeks to
\plain\expndtw3 \f20 \fs20 \cf1 explai{\expndtw-20 *}. If bilateral t{\expndtw-2
0 *}a{\expndtw-20 *}e i{\expndtw-20 *} a s{\expndtw-20 *}{\expndtw-20 *}ll {\exp
ndtw-20 *}art o{\expndtw-20 *} tot{\expndtw-20 *}l tr{\expndtw-20 *}de, this {\e
xpndtw-20 *}easu{\expndtw-20 *}{\expndtw-20 *} will be ve{\expndtw-20 *}y {\expn
dtw-20 *}im{\expndtw-20 *}lar
\plain\expndtw2 \f20 \fs20 \cf1 to that of B{\expndtw-20 *}la{\expndtw-20 *}sa.\
up5 \fs12 1{\expndtw-20 *}\up0 \fs20 For these rea{\expndtw-20 *}ons, we use th
e overall exp{\expndtw-20 *}rt ratio as i{\expndtw-20 *} MacDo{\expndtw-20 *}gal
l
\plain\expndtw3 \f20 \fs20 \cf1 and Ste{\expndtw-20 *}n, {\expndtw-20 *}nstead {

\expndtw-20 *}f the ratio of expo{\expndtw-20 *}t{\expndtw-20 *} to third market

s. Unf{\expndtw-20 *}r{\expndtw-20 *}unatel{\expndtw-20 *}, for this s{\expndtw20 *}eci\plain\expndtw6 \f20 \fs20 \cf1 ficatio{\expndtw-20 *}, Mexi{\expndtw-20 *}{\exp
ndtw-20 *} and {\expndtw-20 *}or{\expndtw-20 *}a co{\expndtw-20 *}l{\expndtw-20
*} {\expndtw-20 *}ot be included, bec{\expndtw-20 *}use the STAN datab{\expndtw20 *}se cur\plain\expndtw4 \f20 \fs20 \cf1 rently {\expndtw-20 *}oes not {\expndtw-20 *}ncl
ude tra{\expndtw-20 *}{\expndtw-20 *} {\f63 \u64258\'3f}ows for these countries.
\up5 \fs12 11
\plain\par
\sl-260\fs26\par\pard\pard\sl-240 \li4 \ri35 \expndtw5 \i \f20 \fs20 \cf1 {\expn
dtw-20 *}ilat{\expndtw-20 *}ral n{\expndtw-20 *}t expo{\expndtw-20 *}ts\i0 Th{\
expndtw-20 *}s is a more natural w{\expndtw-20 *}y {\expndtw-20 *}f assessing c{
\expndtw-20 *}{\expndtw-20 *}parative a{\expndtw-20 *}va{\expndtw-20 *}tage,
\plain\expndtw7 \f20 \fs20 \cf1 and bila{\expndtw-20 *}era{\expndtw-20 *} t{\exp
ndtw-20 *}ade {\expndtw-20 *}{\expndtw-20 *}lance{\expndtw-20 *} are often the f
ocus of popular at{\expndtw-20 *}ention. It is a{\expndtw-20 *}so mor{\expndtw-2
0 *}
\plain\expndtw6 \f20 \fs20 \cf1 a{\expndtw-20 *}p{\expndtw-20 *}opriate theore{\
expndtw-20 *}ica{\expndtw-20 *}{\expndtw-20 *}y t{\expndtw-20 *}an export ratios
, based on the Jon{\expndtw-20 *}s (1961) criterion {\expndtw-20 *}is\plain\expndtw2 \f20 \fs20 \cf1 cussed above.\up5 \fs12 {\expndtw-20 *}{\expndtw
-20 *}\up0 \fs20 A prac{\expndtw-20 *}ical disadv{\expndtw-20 *}nt{\expndtw-20
*}ge of this spec{\expndtw-20 *}ficati{\expndtw-20 *}n is tha{\expndtw-20 *} we
are confined to
\plain\expndtw4 \f20 \fs20 \cf1 t{\expndtw-20 *}e 2{\expndtw-20 *}-sector BTD cl
a{\expndtw-20 *}sifica{\expndtw-20 *}{\expndtw-20 *}on i{\expndtw-20 *}stead of
{\expndtw-20 *}he 49-sect{\expndtw-20 *}r STA{\expndtw-20 *} {\expndtw-20 *}las{
\expndtw-20 *}ification. On the
\plain\expndtw5 \f20 \fs20 \cf1 o{\expndtw-20 *}her hand, Korea {\expndtw-20 *}{
\expndtw-20 *}d Mexico ca{\expndtw-20 *} now be included.
\plain\par
\sl-253\fs25\par\pard\pard\sl-246 \li4 \ri35 \expndtw6 \i \f20 \fs20 \cf1 Indepe
ndent v{\expndtw-20 *}riabl{\expndtw-20 *}s\i0 M{\expndtw-20 *}cDou{\expndtw-20
*}all (1951) an{\expndtw-20 *} Bal{\expndtw-20 *}ssa (1963) use{\expndtw-20 *}
relative pr{\expndtw-20 *}duc\plain\expndtw5 \f20 \fs20 \cf1 tivity,\i a\dn4 \fs12 ik\i0 \dn0 \fs20 /\i a\dn
4 \fs12 ij\i0 \dn0 \fs20 , {\expndtw-20 *}s the mai{\expndtw-20 *} indep{\expndt
w-20 *}nd{\expndtw-20 *}{\expndtw-20 *}t variable.\up5 \fs12 13\up0 \fs20 Ste{\
expndtw-20 *}n (1{\expndtw-20 *}{\expndtw-20 *}2) tri{\expndtw-20 *}d both relat
iv{\expndtw-20 *} {\expndtw-20 *}nit
\plain\expndtw4 \f20 \fs20 \cf1 labor cos{\expndtw-20 *}s,\i c\dn4 \fs12 ijk\i0
\dn0 \fs20 , and relative pr{\expndtw-20 *}ducti{\expndtw-20 *}ity as th{\expnd
tw-20 *} explanator{\expndtw-20 *} variable, {\expndtw-20 *}s we do her{\expndtw
-20 *}.
\plain\par
\pard\sl-246 \li4 \ri35 \fi200 \expndtw5 \f20 \fs20 \cf1 To compare l{\expndtw-2
0 *}vels ({\expndtw-20 *}s o{\expndtw-20 *}pose{\expndtw-20 *} to rate{\expndtw20 *} of c{\expndtw-20 *}{\expndtw-20 *}nge {\expndtw-20 *}v{\expndtw-20 *}r t{\
expndtw-20 *}me) of real {\expndtw-20 *}utp{\expndtw-20 *}ts across
\plain\expndtw5 \f20 \fs20 \cf1 cou{\expndtw-20 *}tries, they must be converted
to a common c{\expndtw-20 *}rren{\expndtw-20 *}y.\up5 \fs12 14\up0 \fs20 The ma
rket exchange rate
\plain\expndtw2 \f20 \fs20 \cf1 i{\expndtw-20 *} lik{\expndtw-20 *}{\expndtw-20
*}{\expndtw-20 *} to be mislead{\expndtw-20 *}ng, because of the well-known fail
ure of purchasing-power par{\expndtw-20 *}ty
\plain\expndtw6 \f20 \fs20 \cf1 to hold, at {\expndtw-20 *}east {\expndtw-20 *}n
the {\expndtw-20 *}h{\expndtw-20 *}rt {\expndtw-20 *}un. Instead, a pu{\expndtw
-20 *}chasing-po{\expndtw-20 *}er-par{\expndtw-20 *}{\expndtw-20 *}y (PPP) e{\ex

pndtw-20 *}chang{\expndtw-20 *}
\plain\expndtw3 \f20 \fs20 \cf1 rate {\expndtw-20 *}s needed. Obtaining approp{\
expndtw-20 *}iate {\expndtw-20 *}isaggre{\expndtw-20 *}{\expndtw-20 *}ted PPPs i
s difficult. Gi{\expndtw-20 *}en th{\expndtw-20 *} uncer\plain\expndtw10 \f20 \fs20 \cf1 tain{\expndtw-20 *}ie{\expndtw-20 *} involved,
we have chos{\expndtw-20 *}n to experime{\expndtw-20 *}t wi{\expndtw-20 *}h thr{
\expndtw-20 *}e alternative PPP{\expndtw-20 *}: (1)
\plain\expndtw4 \f20 \fs20 \cf1 {\expndtw-20 *}ommon PPPs for all sec{\expndtw-2
0 *}ors; (2) {\expndtw-20 *}ector-specifi{\expndtw-20 *} Heston-Summe{\expndtw-2
0 *}{\expndtw-20 *} final expenditure
\plain\expndtw4 \f20 \fs20 \cf1 PPPs from {\expndtw-20 *}{\expndtw-20 *}e Un{\ex
pndtw-20 *}ted Nation{\expndtw-20 *} Int{\expndtw-20 *}rnation{\expndtw-20 *}l C
omparis{\expndtw-20 *}n Project (ICP); a{\expndtw-20 *}d ({\expndtw-20 *}) secto
r\plain\expndtw4 \f20 \fs20 \cf1 {\expndtw-20 *}pe{\expndtw-20 *}ific manufactur{
\expndtw-20 *}ng P{\expndtw-20 *}Ps {\expndtw-20 *}r{\expndtw-20 *}m t{\expndtw20 *}e Universi{\expndtw-20 *}y of Groni{\expndtw-20 *}ge{\expndtw-20 *}'s In{\e
xpndtw-20 *}ernat{\expndtw-20 *}on{\expndtw-20 *}l {\expndtw-20 *}om\plain\expndtw8 \f20 \fs20 \cf1 parison of Output and Productivit{\expndtw-20 *}
(IC{\expndtw-20 *}{\expndtw-20 *}) pro{\expndtw-20 *}e{\expndtw-20 *}t.\up5 \fs
12 15\up0 \fs20 The labor com{\expndtw-20 *}ensation {\expndtw-20 *}ata
\plain\expndtw4 \f20 \fs20 \cf1 use{\expndtw-20 *} to generate unit labor costs
includes both w{\expndtw-20 *}ges and nonwage ben{\expndtw-20 *}fits.
\plain\par
\pard\sl-246 \li4 \ri35 \fi200 \expndtw4 \f20 \fs20 \cf1 All variables a{\expndt
w-20 *}e in logs. Th{\expndtw-20 *} i{\expndtw-20 *}dep{\expndtw-20 *}n{\expndtw
-20 *}ent variable wa{\expndtw-20 *} {\expndtw-20 *}agg{\expndtw-20 *}d o{\expnd
tw-20 *}e ye{\expndtw-20 *}r to allow for
\plain\expndtw4 \f20 \fs20 \cf1 {\expndtw-20 *}low {\expndtw-20 *}djustm{\expndt
w-20 *}{\expndtw-20 *}t and to {\expndtw-20 *}{\expndtw-20 *}o{\expndtw-20 *}d a
ny simultaneity problems, although this made litt{\expndtw-20 *}{\expndtw-20 *}
dif\plain\expndtw5 \f20 \fs20 \cf1 ferenc{\expndtw-20 *} to th{\expndtw-20 *} resul
t{\expndtw-20 *} in most cases. T{\expndtw-20 *}us the equ{\expndtw-20 *}ti{\exp
ndtw-20 *}ns t{\expndtw-20 *} {\expndtw-20 *}e estima{\expndtw-20 *}ed are:
\par
\plain\sl-200\fs20\par\pard\pard\sl-271 \li4 \ri35 \fi749 \expndtw0 \f20 \fs20 l
o{\expndtw-20 *}\f40 \fs22 (\i \f20 \fs20 {\expndtw-20 *}\dn4 \fs12 ij\dn0 \fs20
X\dn4 \fs12 ik\i0 \dn0 \f40 \fs22 )\fs20 = a\i \dn4 \f20 \fs12 jk\i0 \dn11
\fs10 1\dn0 \f40 \fs20 + b\i \dn4 \f20 \fs12 jk\i0 \dn10 \fs10 1\dn0 \fs20 lo
g\f40 \fs22 (\i \f20 \fs20 a\dn4 \fs12 ik\dn0 \fs20 a\dn4 \fs12 ij\i0 \dn0 \f40
\fs22 )\dn8 \fs12 -\dn10 \f20 1\dn0 \f40 \fs20 + e\i \dn4 \f20 \fs12 {\expndt
w-20 *}jk\i0 \dn10 \fs10 1\dn0 \fs20 ,
\plain\tx7172 \tab \expndtw-10 \f20 \fs20 \cf1 (4)
\plain\par
\sl-300\fs30\par\pard\pard\sl-120 \li4 \ri35 \expndtw1 \f20 \fs12 \cf1 Blackwell
Pu{\expndtw-20 *}lishers Ltd 2000
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\plain\pard\sl-219 \li747 \ri35 \fi1127 \expndtw8 \f20 \fs18 \cf1 RIC{\expndtw-2
0 *}RDI{\expndtw-20 *}N {\expndtw-20 *}HEORY OF {\expndtw-20 *}OMPARATIVE ADVANT
AGE
\plain\tx7128 \tab \expndtw-18 \f20 \fs20 \cf1 227
\plain\par
\sl-278\fs28\par\pard\pard\sl-237 \li747 \ri35 \expndtw2 \f20 \fs20 log\f40 \fs2
2 (\i \f20 \fs20 {\expndtw-20 *}\dn4 \fs12 {\expndtw-20 *}j\dn0 \fs20 {\expndtw
-20 *}\dn4 \fs12 ik\i0 \dn0 \f40 \fs22 )\fs20 = a\i \dn4 \f20 \fs12 jk\i0 \dn1
1 \fs10 {\expndtw-20 *}\dn0 \f40 \fs20 + b\i \dn4 \f20 \fs12 jk\i0 \dn10 \fs10
2\dn0 \fs20 {\expndtw-20 *}{\expndtw-20 *}g\i c\dn4 \fs12 ijk\i0 \dn0 \f40 \f
s10 -\dn11 \f20 1\dn0 \f40 \fs20 + e\i \dn4 \f20 \fs12 i{\expndtw-20 *}k\i0 \d
n10 \fs10 2\dn0 \fs20 ,
\plain\tx7123 \tab \expndtw-8 \f20 \fs20 \cf1 (4\f40 \f20 )
\plain\par
\sl-130\fs13\par\pard\pard\sl-271 \li759 \ri35 \expndtw1 \f20 \fs20 l{\expndtw-2
0 *}g\f40 \fs22 (\i \f20 \fs20 X\dn4 \fs12 ijk\dn0 \fs20 M\dn4 \fs12 ijk\i0 \dn
0 \f40 \fs22 )\fs20 = a\i \dn4 \f20 \fs12 jk\i0 \dn11 \fs10 3\dn0 \f40 \fs20

+ {\expndtw-20 *}\i \dn4 \f20 \fs12 {\expndtw-20 *}{\expndtw-20 *}\i0 \dn10 \f

s10 3\dn0 \fs20 l{\expndtw-20 *}g\f40 \fs22 (\i \f20 \fs20 a\dn4 \fs12 ik\dn0 \
fs20 a\dn4 \fs12 i{\expndtw-20 *}\i0 \dn0 \f40 \fs22 )\dn8 \fs12 -\dn10 \f20 1
\dn0 \f40 \fs20 + e\i \dn4 \f20 \fs12 {\expndtw-20 *}jk\i0 \dn10 \fs10 3\dn0 \f
s20 ,
\plain\tx7172 \tab \expndtw-10 \f20 \fs20 \cf1 (5)
\plain\expndtw0 \f20 \fs20 l{\expndtw-20 *}g\f40 \fs22 (\i \f20 \fs20 X\dn4 \fs1
2 ijk\dn0 \fs20 M\dn4 \fs12 ijk\i0 \dn0 \f40 \fs22 )\fs20 = a\i \dn4 \f20 \fs
12 jk\i0 \dn11 \fs10 {\expndtw-20 *}\dn0 \f40 \fs20 + b\i \dn4 \f20 \fs12 jk\
i0 \dn10 \fs10 4\dn0 \fs20 {\expndtw-20 *}{\expndtw-20 *}g\i c\dn4 \fs12 ijk\i
0 \dn0 \f40 \fs10 -\dn11 \f20 1\dn0 \f40 \fs20 + e\i \dn4 \f20 \fs12 {\expndtw20 *}jk\i0 \dn10 \fs10 4\dn0 \fs20 ,
\plain\tx7123 \tab \expndtw-8 \f20 \fs20 \cf1 (5\f40 \f20 )
\par
\plain\pard\sl-372 \li4 \ri34 \expndtw5 \f20 \fs20 \cf1 where\i X\dn4 \fs12 ij\
i0 \dn0 \fs20 {\expndtw-20 *}s to{\expndtw-20 *}{\expndtw-20 *}l ex{\expndtw-20
*}o{\expndtw-20 *}ts o{\expndtw-20 *} good\i i\i0 by country\i j\i0 ,\i X\d
n4 \fs12 ijk\i0 \dn0 \fs20 and\i M\dn4 \fs12 ijk\i0 \dn0 \fs20 ar{\expndtw-20
*} bil{\expndtw-20 *}te{\expndtw-20 *}al {\expndtw-20 *}xports {\expndtw-20 *}{
\expndtw-20 *}d
\plain\par
\pard\sl-233 \li4 \ri34 \expndtw5 \f20 \fs20 \cf1 {\expndtw-20 *}{\expndtw-20 *}
p{\expndtw-20 *}rts between coun{\expndtw-20 *}ry\i j\i0 and country\i k\i0 ,
{\expndtw-20 *}n{\expndtw-20 *}\f40 -\f20 {\expndtw-20 *} {\expndtw-20 *}e{\ex
pndtw-20 *}o{\expndtw-20 *}es a one-{\expndtw-20 *}eriod l{\expndtw-20 *}g.
\plain\par
\pard\sl-233 \li4 \ri34 \fi200 \expndtw6 \f20 \fs20 \cf1 It might at first app{\
expndtw-20 *}ar that these {\expndtw-20 *}qu{\expndtw-20 *}tions relate trade {\
f63 \u64258\'3f}ows between c{\expndtw-20 *}untries\i j
\plain\expndtw10 \f20 \fs20 \cf1 and\i k\i0 in sec{\expndtw-20 *}or\i i\i0 t
o absolute {\expndtw-20 *}d{\expndtw-20 *}an{\expndtw-20 *}age\i a\dn4 \fs12 ik
\i0 \dn0 \fs20 /\i a\dn4 \fs12 ij\i0 \dn0 \fs20 , ra{\expndtw-20 *}her than comp
arat{\expndtw-20 *}ve advantag{\expndtw-20 *}
\plain\expndtw6 \f20 \fs20 \cf1 (\i a\dn4 \fs12 ik\i0 \dn0 \fs20 /\i a\dn4 \fs12
i{\expndtw-20 *}\i0 \dn0 \fs20 )/(\i a\dn4 \fs12 mk\i0 \dn0 \fs20 /\i a\dn4 \fs
12 mj\i0 \dn0 \fs20 ) re{\expndtw-20 *}{\expndtw-20 *}tive to other s{\expndtw-2
0 *}c{\expndtw-20 *}ors\i m\i0 . {\expndtw-20 *}ut t{\expndtw-20 *}is is not so
. {\expndtw-20 *}{\expndtw-20 *}e {\expndtw-20 *}egression c{\expndtw-20 *}effi\plain\expndtw4 \f20 \fs20 \cf1 cients\f40 b\f20 {\expndtw-20 *}apt{\expndtw-2
0 *}r{\expndtw-20 *} th{\expndtw-20 *} effects o{\expndtw-20 *} {\expndtw-20 *}e
viati{\expndtw-20 *}ns from t{\expndtw-20 *}e s{\expndtw-20 *}mple means. Th{\ex
pndtw-20 *}s, for exa{\expndtw-20 *}ple, {\expndtw-20 *}
\plain\expndtw6 \f20 \fs20 \cf1 pos{\expndtw-20 *}tive\f40 b\f20 in {\expndtw20 *}quation (5) indicates that {\expndtw-20 *}n those ind{\expndtw-20 *}stries\
i i\i0 wher{\expndtw-20 *}\i a\dn4 \fs12 i{\expndtw-20 *}\i0 \dn0 \fs20 /\i a
\dn4 \fs12 ij\i0 \dn0 \fs20 is l{\expndtw-20 *}w rela\plain\expndtw6 \f20 \fs20 \cf1 tive to t{\expndtw-20 *}e samp{\expndtw-20 *}e m
ean\i {\expndtw-20 *}\dn4 \fs12 ik\i0 \dn0 \fs20 /\i {\expndtw-20 *}\dn4 \fs12
ij\i0 \dn0 \fs20 , {\expndtw-20 *}ountr{\expndtw-20 *}\i j\i0 tends t{\expndtw
-20 *} {\expndtw-20 *}ave larg{\expndtw-20 *}r bilateral {\expndtw-20 *}et expor
ts to
\plain\expndtw10 \f20 \fs20 \cf1 country\i k\i0 t{\expndtw-20 *}an {\expndtw-2
0 *}ample me{\expndtw-20 *}n bila{\expndtw-20 *}eral\i j{\expndtw-20 *}\i0 net
{\expndtw-20 *}xports. So {\expndtw-20 *}qua{\expndtw-20 *}ions (4) and (5) {\e
xpndtw-20 *}re
\plain\expndtw5 \f20 \fs20 \cf1 t{\expndtw-20 *}stin{\expndtw-20 *} f{\expndtw-2
0 *}r th{\expndtw-20 *} e{\expndtw-20 *}{\expndtw-20 *}ec{\expndtw-20 *}s of c{\
expndtw-20 *}m{\expndtw-20 *}{\expndtw-20 *}rat{\expndtw-20 *}ve rather {\expndt

w-20 *}{\expndtw-20 *}an {\expndtw-20 *}bsolute advantage.

\plain\par
\pard\sl-233 \li4 \ri34 \fi199 \expndtw5 \f20 \fs20 \cf1 B{\expndtw-20 *}t{\expn
dtw-20 *} time ser{\expndtw-20 *}{\expndtw-20 *}s and c{\expndtw-20 *}oss-se{\ex
pndtw-20 *}{\expndtw-20 *}ion regressions are {\expndtw-20 *}ossible wi{\expndtw
-20 *}h this data{\expndtw-20 *}et, as the
\plain\expndtw6 \f20 \fs20 \cf1 data co{\expndtw-20 *}er 1{\expndtw-20 *}{\expnd
tw-20 *}0-92. The emphasis here is on cross-sec{\expndtw-20 *}io{\expndtw-20 *}
{\expndtw-20 *}egressions at a {\expndtw-20 *}oint i{\expndtw-20 *}
\plain\expndtw2 \f20 \fs20 \cf1 time, sin{\expndtw-20 *}e the time-se{\expndtw-2
0 *}ies responsiveness of se{\expndtw-20 *}{\expndtw-20 *}o{\expndtw-20 *}al tra
de {\f63 \u64258\'3f}o{\expndtw-20 *}s to unit labo{\expndtw-20 *} costs has
\plain\expndtw5 \f20 \fs20 \cf1 been {\expndtw-20 *}nalyz{\expndtw-20 *}d elsewh
ere (Golub, 19{\expndtw-20 *}4), and in {\expndtw-20 *}n{\expndtw-20 *} cas{\exp
ndtw-20 *} the cross-section resul{\expndtw-20 *}s ar{\expndtw-20 *}
\plain\expndtw4 \f20 \fs20 \cf1 of mo{\expndtw-20 *}e intere{\expndtw-20 *}t at
a {\expndtw-20 *}isa{\expndtw-20 *}greg{\expndtw-20 *}ted level. Much of {\expnd
tw-20 *}he short-run va{\expndtw-20 *}iati{\expndtw-20 *}n over time in
\plain\expndtw5 \f20 \fs20 \cf1 {\expndtw-20 *}n{\expndtw-20 *}t la{\expndtw-20
*}or costs is du{\expndtw-20 *} to {\expndtw-20 *}xchange rate ch{\expndtw-20 *}
nges, w{\expndtw-20 *}{\expndtw-20 *}c{\expndtw-20 *} {\expndtw-20 *}re common t
o all sec{\expndtw-20 *}ors, so
\plain\expndtw5 \f20 \fs20 \cf1 there is les{\expndtw-20 *} benefi{\expndtw-20 *
} to di{\expndtw-20 *}aggregation than for c{\expndtw-20 *}oss-s{\expndtw-20 *}c
tional analysis. At th{\expndtw-20 *} cross\plain\expndtw3 \f20 \fs20 \cf1 section le{\expndtw-20 *}e{\expndtw-20 *}, macro
econ{\expndtw-20 *}mic {\expndtw-20 *}actor{\expndtw-20 *} whi{\expndtw-20 *}h a
lter t{\expndtw-20 *}e overall {\expndtw-20 *}rade balance are u{\expndtw-20 *}l
ikely
\plain\expndtw7 \f20 \fs20 \cf1 to have much in{\f63 \u64258\'3f}ue{\expndtw-20
*}ce on {\expndtw-20 *}he results, as all {\expndtw-20 *}ectors should be aff{\e
xpndtw-20 *}cted in the s{\expndtw-20 *}m{\expndtw-20 *}
\plain\expndtw0 \f20 \fs20 \cf1 direct{\expndtw-20 *}on.
\plain\par
\pard\sl-233 \li4 \ri34 \fi199 \expndtw5 \f20 \fs20 \cf1 Th{\expndtw-20 *} error
s i{\expndtw-20 *} the an{\expndtw-20 *}ual cross-sec{\expndtw-20 *}ion reg{\exp
ndtw-20 *}essions {\expndtw-20 *}re likely to be hig{\expndtw-20 *}ly co{\expndt
w-20 *}relat{\expndtw-20 *}d
\plain\expndtw5 \f20 \fs20 \cf1 across years si{\expndtw-20 *}ce trade patte{\ex
pndtw-20 *}{\expndtw-20 *}s change slowly ov{\expndtw-20 *}r time.\up5 \fs12 16\
up0 \fs20 To take advant{\expndtw-20 *}ge of {\expndtw-20 *}he
\plain\expndtw2 \f20 \fs20 \cf1 c{\expndtw-20 *}rrelation in the error terms in
the different years, a "seemingly un{\expndtw-20 *}elated {\expndtw-20 *}egressi
{\expndtw-20 *}n"
\plain\expndtw4 \f20 \fs20 \cf1 ({\expndtw-20 *}UR) procedure was used, wi{\expn
dtw-20 *}h t{\expndtw-20 *}e annua{\expndtw-20 *} cross-s{\expndtw-20 *}ction {\
expndtw-20 *}e{\expndtw-20 *}ressio{\expndtw-20 *}{\expndtw-20 *} estimated si{\
expndtw-20 *}ul\plain\expndtw5 \f20 \fs20 \cf1 taneou{\expndtw-20 *}l{\expndtw-20 *}. The numb{
\expndtw-20 *}r of years over {\expndtw-20 *}hich the SUR equations {\expndtw-20
*}{\expndtw-20 *}re {\expndtw-20 *}st{\expndtw-20 *}mated is not
\plain\expndtw6 \f20 \fs20 \cf1 th{\expndtw-20 *} {\expndtw-20 *}ame for all cou
{\expndtw-20 *}tries, a{\expndtw-20 *}d de{\expndtw-20 *}ends on {\expndtw-20 *}
he availability of data i{\expndtw-20 *} the {\expndtw-20 *}TAN d{\expndtw-20 *}
t{\expndtw-20 *}\plain\expndtw7 \f20 \fs20 \cf1 base. {\expndtw-20 *}h{\expndtw-20 *} co{\expndt
w-20 *}fficients on unit {\expndtw-20 *}abor costs in the SURs wer{\expndtw-20 *
} {\expndtw-20 *}on{\expndtw-20 *}trained t{\expndtw-20 *} be equ{\expndtw-20 *}
l
\plain\expndtw5 \f20 \fs20 \cf1 ov{\expndtw-20 *}r time, but the c{\expndtw-20 *

}nstan{\expndtw-20 *} terms w{\expndtw-20 *}re a{\expndtw-20 *}lowe{\expndtw-20

*} to differ, in {\expndtw-20 *}ec{\expndtw-20 *}gnition o{\expndtw-20 *} ma{\ex
pndtw-20 *}roeco\plain\expndtw6 \f20 \fs20 \cf1 no{\expndtw-20 *}ic shock{\expndtw-20 *} which {
\expndtw-20 *}ffe{\expndtw-20 *}t all sector{\expndtw-20 *} in t{\expndtw-20 *}e
sam{\expndtw-20 *} d{\expndtw-20 *}rection.\up5 \fs12 17\up0 \fs20 Ordinary le
ast squa{\expndtw-20 *}es
\plain\expndtw4 \f20 \fs20 \cf1 was also estimated {\expndtw-20 *}or e{\expndtw20 *}ch individual {\expndtw-20 *}ear and country.
\plain\par
\pard\sl-233 \li4 \ri34 \fi200 \expndtw5 \f20 \fs20 \cf1 In estimat{\expndtw-20
*}ng {\expndtw-20 *}quations (4) and (4\f40 \f20 ), the nu{\expndtw-20 *}ber of s
ectors was r{\expndtw-20 *}duced from 49 to
\plain\expndtw5 \f20 \fs20 \cf1 39 {\expndtw-20 *}f{\expndtw-20 *}er eliminati{\
expndtw-20 *}g t{\expndtw-20 *}ose cases whe{\expndtw-20 *}e t{\expndtw-20 *}e s
ubsectors {\expndtw-20 *}d{\expndtw-20 *} up {\expndtw-20 *}o th{\expndtw-20 *}
s{\expndtw-20 *}{\expndtw-20 *}to{\expndtw-20 *}al tota{\expndtw-20 *}, and
\plain\expndtw3 \f20 \fs20 \cf1 p{\expndtw-20 *}troleum refining, in which labor
'{\expndtw-20 *} sh{\expndtw-20 *}re of valu{\expndtw-20 *} ad{\expndtw-20 *}ed
is exceptionall{\expndtw-20 *} {\expndtw-20 *}{\expndtw-20 *}w {\expndtw-20 *}{\
expndtw-20 *}r all
\plain\expndtw2 \f20 \fs20 \cf1 {\expndtw-20 *}o{\expndtw-20 *}ntries. {\expndtw
-20 *}im{\expndtw-20 *}larly, {\expndtw-20 *}or eq{\expndtw-20 *}ations (5) and
(5\f40 \f20 ), {\expndtw-20 *}{\expndtw-20 *}e n{\expndtw-20 *}mb{\expndtw-20 *}{
\expndtw-20 *} of {\expndtw-20 *}ectors was re{\expndtw-20 *}uced {\expndtw-20 *
}ro{\expndtw-20 *}
\plain\expndtw-2 \f20 \fs20 \cf1 26 to 2{\expndtw-20 *}.
\plain\par
\sl-152\fs15\par\sl-240\fs24\par\pard\pard\sl-200 \li4 \ri34 \expndtw-4 \i \f20
\fs20 \cf1 Results
\plain\par
\pard\sl-367 \li4 \ri34 \expndtw4 \f20 \fs20 \cf1 There are fo{\expndtw-20 *}r s
ets of e{\expndtw-20 *}uations, corre{\expndtw-20 *}ponding to the var{\expndtw20 *}ous comb{\expndtw-20 *}nat{\expndtw-20 *}ons {\expndtw-20 *}f the two
\plain\par
\pard\sl-240 \li4 \ri34 \expndtw4 \f20 \fs20 \cf1 independent variables (produ{\
expndtw-20 *}tivity and unit labor costs) and t{\expndtw-20 *}o dep{\expndtw-20
*}n{\expndtw-20 *}ent variabl{\expndtw-20 *}s
\plain\expndtw5 \f20 \fs20 \cf1 (expor{\expndtw-20 *} ratio{\expndtw-20 *} and b
{\expndtw-20 *}lateral tr{\expndtw-20 *}{\expndtw-20 *}e balances).
\plain\par
\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri34 \expndtw7 \i \f20 \fs20 \cf1 Relati
ve p{\expndtw-20 *}oductivity an{\expndtw-20 *} multila{\expndtw-20 *}eral expor
t ratios\i0 {\expndtw-20 *}able 2 reports the constrain{\expndtw-20 *}d
\plain\expndtw7 \f20 \fs20 \cf1 SUR res{\expndtw-20 *}l{\expndtw-20 *}s {\expndt
w-20 *}or the 39-se{\expndtw-20 *}tor {\expndtw-20 *}ampl{\expndtw-20 *} for equ
atio{\expndtw-20 *} (4), for the U{\expndtw-20 *}\i v{\expndtw-20 *}s--vis\i0 t
he UK,
\plain\expndtw6 \f20 \fs20 \cf1 Japan, {\expndtw-20 *}ermany, Canad{\expndtw-20
*}, Franc{\expndtw-20 *}, Italy, and Austr{\expndtw-20 *}lia. Th{\expndtw-20 *}
de{\expndtw-20 *}e{\expndtw-20 *}de{\expndtw-20 *}t va{\expndtw-20 *}{\expndtw-2
0 *}a{\expndtw-20 *}{\expndtw-20 *}e is US
\plain\par
\sl-111\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri34 \fi5720 \expndtw1 \
f20 \fs12 \cf1 Blackwel{\expndtw-20 *} Publishers Ltd {\expndtw-20 *}000
\par
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\plain\pard\intbl \sl-219 \li450 \ri12 \fi98 \expndtw-2 \f20 \fs18 \cf1 (5.29)\u
p4 \fs10 c
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\plain\pard\intbl \li445 \ri12 \fi98 \expndtw-2 \f20 \fs18 \cf1 (6.{\expndtw-20
*}6)\up4 \fs10 c
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\plain\pard\intbl \sl-220 \li0 \ri22 \expndtw-3 \f20 \fs18 \cf1 US-Australia

\cell
\plain\pard\intbl \li439 \ri29 \fi30 \expndtw-21 \f20 \fs18 \cf1 81-91
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\plain\pard\intbl \li450 \ri129 \fi169 \expndtw-13 \f20 \fs18 \cf1 0.16
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\plain\pard\intbl \li424 \ri0 \expndtw-13 \f20 \fs18 \cf1 0.{\expndtw-20 *}4
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\plain\pard\intbl \li445 \ri129 \fi169 \expndtw-13 \f20 \fs18 \cf1 0.31
\cell
\plain\pard\intbl \li424 \ri0 \expndtw-13 \f20 \fs18 \cf1 0.10
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\plain\pard\intbl \li444 \ri342 \expndtw-12 \f20 \fs18 \cf1 {\f63 \u8212\'3f}
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\plain\pard\intbl \li436 \ri219 \expndtw-12 \f20 \fs18 \cf1 {\f63 \u8212\'3f}
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\plain\pard\intbl \sl-219 \li450 \ri12 \fi98 \expndtw-2 \f20 \fs18 \cf1 (2.27)\u
p4 \fs10 c
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\plain\pard\intbl \li445 \ri12 \fi98 \expndtw-2 \f20 \fs18 \cf1 (3.52)\up4 \fs10
c
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\row\pard
\plain\sl-277\fs28\par\pard\pard\sl-181 \li4 \ri34 \expndtw4 \i \f20 \fs16 \cf1
N{\expndtw-20 *}t{\expndtw-20 *}\i0 : log(\i X\dn3 \fs9 ij\i0 \dn0 \fs16 /\i X\d

n3 \fs9 ik\i0 \dn0 \fs16 )\f40 = a\i \dn3 \f20 \fs9 jk\i0 \dn8 \fs8 1\dn0 \f40
\fs16 + b\i \dn3 \f20 \fs9 jk\i0 \dn8 \fs8 1\dn0 \fs16 log(\i a\dn3 \fs9 {\exp
ndtw-20 *}k\i0 \dn0 \fs16 /\i a\dn3 \fs9 ij\i0 \dn0 \fs16 )\dn4 \f40 \fs8 -\dn8
\f20 1\dn0 \f40 \fs16 + e\i \dn3 \f20 \fs9 ijk\i0 \dn8 \fs8 1\dn0 \fs16 est{\e
xpndtw-20 *}mate{\expndtw-20 *} by s{\expndtw-20 *}emingl{\expndtw-20 *} unrelat
ed regr{\expndtw-20 *}ssions.\i t\i0 -statistics in
\plain\par
\pard\sl-177 \li4 \ri34 \expndtw4 \f20 \fs16 \cf1 par{\expndtw-20 *}{\expndtw-20
*}t{\expndtw-20 *}e{\expndtw-20 *}e{\expndtw-20 *}, calculated {\expndtw-20 *}r
om h{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}rosk{\expndtw-20 *}dastici{\exp
ndtw-20 *}y-consi{\expndtw-20 *}tent (W{\expndtw-20 *}ite) s{\expndtw-20 *}anda{
\expndtw-20 *}d {\expndtw-20 *}rro{\expndtw-20 *}s.
\plain\expndtw3 \up7 \f20 \fs9 \cf1 a\up0 \fs16 L{\expndtw-20 *}g of US divided
by other country exp{\expndtw-20 *}{\expndtw-20 *}ts.
\plain\expndtw3 \up7 \f20 \fs9 \cf1 b\up0 \fs16 Log of US relative to o{\expndt
w-20 *}{\expndtw-20 *}er productivity.
\plain\expndtw1 \up7 \f20 \fs9 \cf1 c\up0 \fs16 The coefficient is significant
at 1% level wit{\expndtw-20 *} t{\expndtw-20 *}e co{\expndtw-20 *}rect sign.
\plain\expndtw1 \up7 \f20 \fs9 \cf1 d\up0 \fs16 The coefficient is si{\expndtw20 *}nificant at 1% l{\expndtw-20 *}vel w{\expndtw-20 *}th inc{\expndtw-20 *}rr{
\expndtw-20 *}{\expndtw-20 *}t sign.
\plain\par
\sl-145\fs14\par\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri34 \expndtw6 \f20 \fs2
0 \cf1 r{\expndtw-20 *}lative e{\expndtw-20 *}por{\expndtw-20 *}s an{\expndtw-20
*} the indepe{\expndtw-20 *}de{\expndtw-20 *}t variable is U{\expndtw-20 *} {\e
xpndtw-20 *}elative produc{\expndtw-20 *}ivity, lagged one
\plain\expndtw6 \f20 \fs20 \cf1 year. Results fo{\expndtw-20 *} the three {\expn
dtw-20 *}lternative measures o{\expndtw-20 *} PPP a{\expndtw-20 *}e {\expndtw-20
*}{\expndtw-20 *}{\expndtw-20 *}orted.
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw2 \f20 \fs20 \cf1 The vast majo{\expndtw20 *}ity of th{\expndtw-20 *} coefficie{\expndtw-20 *}ts on rela{\expndtw-20 *}i
v{\expndtw-20 *} product{\expndtw-20 *}vity {\expndtw-20 *}re correctly si{\expn
dtw-20 *}ned and
\plain\expndtw2 \f20 \fs20 \cf1 statistically s{\expndtw-20 *}gnifica{\expndtw-2
0 *}t at the {\expndtw-20 *} pe{\expndtw-20 *} ce{\expndtw-20 *}t leve{\expndtw20 *}. Two o{\expndtw-20 *} the Fr{\expndtw-20 *}nch equations ar{\expndtw-20 *}
the only
\plain\expndtw4 \f20 \fs20 \cf1 ex{\expndtw-20 *}e{\expndtw-20 *}tions. The\i R
\i0 \up5 \fs12 2\up0 \fs20 are qui{\expndtw-20 *}{\expndtw-20 *} low, however,
except for the Japan equa{\expndtw-20 *}{\expndtw-20 *}ons.\up5 \fs12 {\expndtw20 *}8
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw7 \f20 \fs20 \cf1 Sector-sp{\expndtw-20 *
}cifi{\expndtw-20 *} {\expndtw-20 *}PPs improve t{\expndtw-20 *}e resul{\expndtw
-20 *}{\expndtw-20 *} relative to the common PPP{\expndtw-20 *} i{\expndtw-20 *}
{\expndtw-20 *}everal
\plain\expndtw3 \f20 \fs20 \cf1 ca{\expndtw-20 *}es, especi{\expndtw-20 *}lly wh
en IC{\expndtw-20 *}P {\expndtw-20 *}PPs are used. Using ICOP exchange rates, {\
expndtw-20 *}ll four coun\plain\expndtw5 \f20 \fs20 \cf1 tries for whi{\expndtw-20 *}h thi{\expndtw-20 *}
PPP adju{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}ent w{\expndtw-20 *}s poss
ible are correctly sig{\expndtw-20 *}ed and {\expndtw-20 *}tatistically
\plain\expndtw2 \f20 \fs20 \cf1 significant, including {\expndtw-20 *}rance. The
UK\i R\i0 \up5 \fs12 2\up0 \fs20 improv{\expndtw-20 *}s with IC{\expndtw-20 *
}{\expndtw-20 *} PPPs, but the fit remain{\expndtw-20 *}
\plain\expndtw3 \f20 \fs20 \cf1 weaker tha{\expndtw-20 *} th{\expndtw-20 *}t rep
orted by MacDougall (1951), Stern (19{\expndtw-20 *}2), {\expndtw-20 *}{\expndtw
-20 *}d Balass{\expndtw-20 *} (1963) fo{\expndtw-20 *}
\plain\expndtw2 \f20 \fs20 \cf1 e{\expndtw-20 *}{\expndtw-20 *}lie{\expndtw-20 *

} years.\up5 \fs12 19
\plain\par
\pard\sl-240 \li4 \ri34 \fi200 \expndtw4 \f20 \fs20 \cf1 Wh{\expndtw-20 *}n the
{\expndtw-20 *}quations are estimated year-{\expndtw-20 *}y-year wi{\expndtw-20
*}h O{\expndtw-20 *}{\expndtw-20 *} in{\expndtw-20 *}tead o{\expndtw-20 *} SUR,
the signs
\plain\expndtw6 \f20 \fs20 \cf1 and magnitudes {\expndtw-20 *}f the coeffic{\exp
ndtw-20 *}{\expndtw-20 *}nt{\expndtw-20 *} are usua{\expndtw-20 *}ly similar to
t{\expndtw-20 *}ose fo{\expndtw-20 *}nd {\expndtw-20 *}ith SUR, bu{\expndtw-20 *
}
\plain\expndtw4 \f20 \fs20 \cf1 t{\expndtw-20 *}e\i t\i0 -statis{\expndtw-20 *}
i{\expndtw-20 *}s {\expndtw-20 *}re almost a{\expndtw-20 *}ways smaller, except
fo{\expndtw-20 *} {\expndtw-20 *}he J{\expndtw-20 *}pan case where surprisi{\exp
ndtw-20 *}gl{\expndtw-20 *}
\plain\expndtw5 \f20 \fs20 \cf1 all the yea{\expndtw-20 *}-{\expndtw-20 *}y-{\ex
pndtw-20 *}ear {\expndtw-20 *}{\expndtw-20 *}S {\expndtw-20 *}oeffic{\expndtw-20
*}ent{\expndtw-20 *} and\i t\i0 -s{\expndtw-20 *}a{\expndtw-20 *}istics are gr
eater tha{\expndtw-20 *} with SUR. Th{\expndtw-20 *}
\plain\expndtw11 \f20 \fs20 \cf1 sta{\expndtw-20 *}d{\expndtw-20 *}rd errors {\e
xpndtw-20 *}f the {\expndtw-20 *}UR regressi{\expndtw-20 *}ns decrea{\expndtw-20
*}e with the nu{\expndtw-20 *}be{\expndtw-20 *} of years used,
\plain\expndtw3 \f20 \fs20 \cf1 thereby incre{\expndtw-20 *}sing the\i {\expndt
w-20 *}\i0 -{\expndtw-20 *}tatistics. Tha{\expndtw-20 *} i{\expndtw-20 *}, as in
tended, the SUR reg{\expndtw-20 *}essions {\expndtw-20 *}{\expndtw-20 *}em to be
\plain\expndtw6 \f20 \fs20 \cf1 yieldin{\expndtw-20 *} more precise estimates in
most cas{\expndtw-20 *}s because {\expndtw-20 *}hey ma{\expndtw-20 *}{\expndtw20 *} use of mo{\expndtw-20 *}e infor\plain\expndtw4 \f20 \fs20 \cf1 {\expndtw-20 *}atio{\expndtw-20 *} b{\expndtw-20
*} {\expndtw-20 *}stimating the cr{\expndtw-20 *}ss-se{\expndtw-20 *}tio{\expnd
tw-20 *} reg{\expndtw-20 *}essions ove{\expndtw-20 *} s{\expndtw-20 *}v{\expndtw
-20 *}ral years simultan{\expndtw-20 *}ously.
\plain\par
\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri34 \expndtw2 \i \f20 \fs20 \cf1 {\expn
dtw-20 *}{\expndtw-20 *}l{\expndtw-20 *}tive unit labor costs and multilateral e
xport rati{\expndtw-20 *}s\i0 Table 3 re{\expndtw-20 *}ort{\expndtw-20 *} the s
ame regres\plain\expndtw2 \f20 \fs20 \cf1 {\expndtw-20 *}i{\expndtw-20 *}ns a{\expndtw-20
*} {\expndtw-20 *}n T{\expndtw-20 *}b{\expndtw-20 *}e 2, exc{\expndtw-20 *}pt th
at the independent va{\expndtw-20 *}iable is now relative unit labo{\expndtw-20
*} costs
\plain\expndtw8 \f20 \fs20 \cf1 {\expndtw-20 *}nstead of {\expndtw-20 *}e{\expnd
tw-20 *}{\expndtw-20 *}t{\expndtw-20 *}ve {\expndtw-20 *}r{\expndtw-20 *}d{\expn
dtw-20 *}ctivity (equation (4\f40 \f20 )). Note {\expndtw-20 *}{\expndtw-20 *}at
t{\expndtw-20 *}e pred{\expndtw-20 *}cted sig{\expndtw-20 *} on the
\plain\expndtw4 \f20 \fs20 \cf1 coeffi{\expndtw-20 *}ient is {\expndtw-20 *}ow n
eg{\expndtw-20 *}tive. The resul{\expndtw-20 *}s in Table 3 are overall qu{\expn
dtw-20 *}te simil{\expndtw-20 *}r to th{\expndtw-20 *}se in
\plain\par
\sl-111\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri34 \expndtw1 \f20 \fs1
2 \cf1 Blackwell Pu{\expndtw-20 *}lishers Ltd 2{\expndtw-20 *}00
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\plain\pard\intbl \sl-219 \li431 \ri60 \fi98 \expndtw-5 \f20 \fs18 \cf1 ({\expnd
tw-20 *}.83)
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\plain\pard\intbl \li426 \ri12 \expndtw-2 \f20 \fs18 \cf1 (\f40 -\f20 4.27)\up4
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w-20 *}{\expndtw-20 *}ia
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\plain\pard\intbl \li440 \ri25 \fi35 \expndtw-21 \f20 \fs18 \cf1 81-91
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\plain\pard\intbl \li431 \ri40 \fi70 \expndtw-9 \f40 \fs18 \cf1 -\f20 0.033
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\plain\pard\intbl \li426 \ri130 \fi70 \expndtw-10 \f40 \fs18 \cf1 -\f20 0.05
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\plain\pard\intbl \li424 \ri0 \expndtw-13 \f20 \fs18 \cf1 0.{\expndtw-20 *}{\exp
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\plain\pard\intbl \li426 \ri355 \fi78 \expndtw-12 \f20 \fs18 \cf1 {\f63 \u8212\'

3f}
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\plain\pard\intbl \sl-219 \li431 \ri60 \expndtw-5 \f20 \fs18 \cf1 (\f40 -\f20 0.
48)
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\plain\pard\intbl \li426 \ri60 \expndtw-5 \f20 \fs18 \cf1 (\f40 -\f20 0.75)
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\plain\sl-277\fs28\par\pard\pard\sl-181 \li4 \ri35 \expndtw2 \i \f20 \fs16 \cf1
Note\i0 : log(\i X\dn3 \fs9 ij\i0 \dn0 \fs16 /\i X\dn3 \fs9 ik\i0 \dn0 \fs16 )\f
40 = a\i \dn3 \f20 \fs9 jk\i0 \dn8 \fs8 2\dn0 \f40 \fs16 + b\i \dn3 \f20 \fs9
jk\i0 \dn8 \fs8 2\dn0 \fs16 {\expndtw-20 *}og\i c\dn3 \fs9 i{\expndtw-20 *}k\i
0 \dn0 \f40 \fs8 -\dn8 \f20 1\dn0 \f40 \fs16 + e\i \dn3 \f20 \fs9 ijk\i0 \dn8 \f
s8 {\expndtw-20 *}\dn0 \fs16 estimat{\expndtw-20 *}d by see{\expndtw-20 *}in{\e
xpndtw-20 *}{\expndtw-20 *}y unre{\expndtw-20 *}ated regress{\expndtw-20 *}o{\ex
pndtw-20 *}s.\i t\i0 -{\expndtw-20 *}ta{\expndtw-20 *}{\expndtw-20 *}stics in p
aren\plain\par
\pard\sl-177 \li4 \ri35 \expndtw4 \f20 \fs16 \cf1 theses, {\expndtw-20 *}al{\exp
ndtw-20 *}ulated f{\expndtw-20 *}om heter{\expndtw-20 *}skedasti{\expndtw-20 *}i
ty-consi{\expndtw-20 *}tent (White) standard errors.
\plain\expndtw3 \up7 \f20 \fs9 \cf1 a\up0 \fs16 Log of US divi{\expndtw-20 *}ed
by oth{\expndtw-20 *}{\expndtw-20 *} country exports.
\plain\expndtw4 \up7 \f20 \fs9 \cf1 b\up0 \fs16 {\expndtw-20 *}og {\expndtw-20
*}f US relati{\expndtw-20 *}e to othe{\expndtw-20 *} unit la{\expndtw-20 *}or co
{\expndtw-20 *}t.
\plain\expndtw1 \up7 \f20 \fs9 \cf1 c\up0 \fs16 The coefficien{\expndtw-20 *} i
s s{\expndtw-20 *}{\expndtw-20 *}nifica{\expndtw-20 *}t at {\expndtw-20 *}% le{\
expndtw-20 *}el wi{\expndtw-20 *}{\expndtw-20 *} the correct sign.

\plain\expndtw1 \up7 \f20 \fs9 \cf1 d\up0 \fs16 The {\expndtw-20 *}{\expndtw-20
*}efficient is significant a{\expndtw-20 *} 1% level wi{\expndtw-20 *}h inc{\ex
pndtw-20 *}{\expndtw-20 *}rect {\expndtw-20 *}ign.
\plain\par
\sl-148\fs15\par\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri35 \expndtw5 \f20 \fs2
0 \cf1 Tab{\expndtw-20 *}{\expndtw-20 *} 2 an{\expndtw-20 *} in some cases (Japa
n, German{\expndtw-20 *}, {\expndtw-20 *}nd Italy) are virt{\expndtw-20 *}all{\e
xpndtw-20 *} ide{\expndtw-20 *}tic{\expndtw-20 *}l. Again,
\plain\expndtw6 \f20 \fs20 \cf1 the vast majority of cases ar{\expndtw-20 *} cor
rectly {\expndtw-20 *}{\expndtw-20 *}gned and mos{\expndtw-20 *} of the{\expndtw
-20 *}{\expndtw-20 *} ar{\expndtw-20 *} st{\expndtw-20 *}{\expndtw-20 *}{\expndt
w-20 *}stically s{\expndtw-20 *}g\plain\expndtw2 \f20 \fs20 \cf1 nifi{\expndtw-20 *}ant. For some countr{\expndtw
-20 *}e{\expndtw-20 *}, though, the results a{\expndtw-20 *}{\expndtw-20 *} som{
\expndtw-20 *}what {\expndtw-20 *}{\expndtw-20 *}aker w{\expndtw-20 *}th rela{\e
xpndtw-20 *}i{\expndtw-20 *}e unit
\plain\expndtw4 \f20 \fs20 \cf1 labor costs as the ind{\expndtw-20 *}{\expndtw-2
0 *}end{\expndtw-20 *}nt variable. For the UK, France, Austr{\expndtw-20 *}{\exp
ndtw-20 *}ia, {\expndtw-20 *}nd {\expndtw-20 *}anada, {\expndtw-20 *}t
\plain\expndtw4 \f20 \fs20 \cf1 lea{\expndtw-20 *}t {\expndtw-20 *}ne {\expndtw20 *}{\expndtw-20 *} the PPP sp{\expndtw-20 *}cifi{\expndtw-20 *}ati{\expndtw-20
*}ns cle{\expndtw-20 *}rl{\expndtw-20 *} performs {\expndtw-20 *}e{\expndtw-20
*}ter wi{\expndtw-20 *}h rel{\expndtw-20 *}tive producti{\expndtw-20 *}{\expndtw
-20 *}ties
\plain\expndtw4 \f20 \fs20 \cf1 than {\expndtw-20 *}elative un{\expndtw-20 *}t l
abor cos{\expndtw-20 *}s. In no cases i{\expndtw-20 *} the rev{\expndtw-20 *}rse
true, so for {\expndtw-20 *}xp{\expndtw-20 *}ain{\expndtw-20 *}ng relative
\plain\expndtw5 \f20 \fs20 \cf1 exports, pr{\expndtw-20 *}ductivity i{\expndtw-2
0 *} {\expndtw-20 *}he preferred i{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}p
endent variable.
\plain\par
\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri35 \expndtw4 \i \f20 \fs20 \cf1 R{\exp
ndtw-20 *}lative p{\expndtw-20 *}oductivities {\expndtw-20 *}{\expndtw-20 *}d bi
later{\expndtw-20 *}l {\expndtw-20 *}r{\expndtw-20 *}d{\expndtw-20 *} balanc{\ex
pndtw-20 *}s\i0 {\expndtw-20 *}able 4 t{\expndtw-20 *}r{\expndtw-20 *}s to th{\
expndtw-20 *} case {\expndtw-20 *}f bilat\plain\expndtw8 \f20 \fs20 \cf1 eral trade {\expndtw-20 *}ala{\expndtw-20 *}{\ex
pndtw-20 *}es as t{\expndtw-20 *}e dependent v{\expndtw-20 *}riable. Table 4 rep
orts the con{\expndtw-20 *}trained SUR
\plain\expndtw5 \f20 \fs20 \cf1 results for {\expndtw-20 *}he {\expndtw-20 *}1-s
ector sample of eq{\expndtw-20 *}ation (5), f{\expndtw-20 *}{\expndtw-20 *} US n
e{\expndtw-20 *} {\expndtw-20 *}xports to the {\expndtw-20 *}K, Japan,
\plain\expndtw3 \f20 \fs20 \cf1 Ge{\expndtw-20 *}man{\expndtw-20 *}, France, {\e
xpndtw-20 *}taly, Canada, A{\expndtw-20 *}str{\expndtw-20 *}lia, M{\expndtw-20 *
}{\expndtw-20 *}i{\expndtw-20 *}o, and Sou{\expndtw-20 *}h Ko{\expndtw-20 *}ea.
Th{\expndtw-20 *} independent
\plain\expndtw2 \f20 \fs20 \cf1 v{\expndtw-20 *}riable is lagged relative pr{\ex
pndtw-20 *}duc{\expndtw-20 *}ivit{\expndtw-20 *}, as in Ta{\expndtw-20 *}le 2. A
gain, in alm{\expndtw-20 *}st all cas{\expndtw-20 *}s the p{\expndtw-20 *}o\plain\expndtw6 \f20 \fs20 \cf1 ductivit{\expndtw-20 *} variable i{\expndtw-20 *
} {\expndtw-20 *}or{\expndtw-20 *}e{\expndtw-20 *}tly s{\expndtw-20 *}gned and s
{\expndtw-20 *}g{\expndtw-20 *}ifica{\expndtw-20 *}t at t{\expndtw-20 *}e 1 per
ce{\expndtw-20 *}t {\expndtw-20 *}evel, w{\expndtw-20 *}th t{\expndtw-20 *}e
\plain\expndtw4 \f20 \fs20 \cf1 ICOP PPP cases usuall{\expndtw-20 *} dominat{\ex
pndtw-20 *}ng the other cases (G{\expndtw-20 *}rmany is a{\expndtw-20 *} e{\expn
dtw-20 *}ception). Three
\plain\expndtw4 \f20 \fs20 \cf1 of {\expndtw-20 *}{\expndtw-20 *}e co{\expndtw-2
0 *}ffici{\expndtw-20 *}nts in the c{\expndtw-20 *}mmo{\expndtw-20 *} PPP an{\ex
pndtw-20 *} ICP PPP cases hav{\expndtw-20 *} the wrong sign, Korea
\plain\expndtw3 \f20 \fs20 \cf1 significant{\expndtw-20 *}y so.\up5 \fs12 20\up0

\fs20 The UK coeffic{\expndtw-20 *}ent is incorrectly signed, even when ICOP P

PPs are
\plain\expndtw5 \f20 \fs20 \cf1 {\expndtw-20 *}sed. T{\expndtw-20 *}e ICOP P{\ex
pndtw-20 *}P adjustment {\expndtw-20 *}s p{\expndtw-20 *}rticularly import{\expn
dtw-20 *}nt in t{\expndtw-20 *}e case of Korea where
\plain\expndtw6 \f20 \fs20 \cf1 th{\expndtw-20 *} {\expndtw-20 *}ign o{\expndtw20 *} the coefficient c{\expndtw-20 *}anges. In terms {\expndtw-20 *}f {\expndtw
-20 *}oodnes{\expndtw-20 *} of fit, the Japan resu{\expndtw-20 *}ts a{\expndtw-2
0 *}e
\plain\expndtw4 \f20 \fs20 \cf1 again among the b{\expndtw-20 *}st, alon{\expndt
w-20 *} with Mexico, Germany, and Korea (when {\expndtw-20 *}COP PPPs are
\plain\expndtw3 \f20 \fs20 \cf1 u{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *} f
or the la{\expndtw-20 *}ter). {\expndtw-20 *}he SUR resul{\expndtw-20 *}s are ag
ain similar t{\expndtw-20 *} t{\expndtw-20 *}{\expndtw-20 *} OLS res{\expndtw-20
*}lts in {\expndtw-20 *}{\expndtw-20 *}st cases.
\plain\par
\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri35 \expndtw7 \i \f20 \fs20 \cf1 {\expn
dtw-20 *}elative u{\expndtw-20 *}it la{\expndtw-20 *}{\expndtw-20 *}r co{\expndt
w-20 *}ts and bil{\expndtw-20 *}te{\expndtw-20 *}{\expndtw-20 *}l trade balances
\i0 Fina{\expndtw-20 *}ly, Ta{\expndtw-20 *}le 5 presents the
\plain\expndtw7 \f20 \fs20 \cf1 regr{\expndtw-20 *}ssions w{\expndtw-20 *}th rel
a{\expndtw-20 *}ive {\expndtw-20 *}nit labor costs rath{\expndtw-20 *}{\expndtw20 *} th{\expndtw-20 *}n relative productivity (equation
\plain\par
\sl-108\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri35 \fi5720 \expndtw1 \
f20 \fs12 \cf1 Blackwell Publishers Ltd 200{\expndtw-20 *}
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\plain\pard\intbl \sl-220 \li0 \ri258 \expndtw-6 \f20 \fs18 \cf1 {\expndtw-20 *}
S-Korea
\cell
\plain\pard\intbl \li455 \ri0 \expndtw-21 \f20 \fs18 \cf1 72-90
\cell
\plain\pard\intbl \li455 \ri130 \fi160 \expndtw-10 \f40 \fs18 \cf1 -\f20 0.{\exp
ndtw-20 *}4
\cell
\plain\pard\intbl \li414 \ri0 \expndtw-13 \f20 \fs18 \cf1 0.02
\cell
\plain\pard\intbl \li405 \ri130 \fi69 \expndtw-10 \f40 \fs18 \cf1 -\f20 0.12
\cell
\plain\pard\intbl \li404 \ri0 \expndtw-13 \f20 \fs18 \cf1 {\expndtw-20 *}.02
\cell
\plain\pard\intbl \li404 \ri117 \fi159 \expndtw-13 \f20 \fs18 \cf1 0.93
\cell
\plain\pard\intbl \li421 \ri0 \fi90 \expndtw-13 \f20 \fs18 \cf1 0.1{\expndtw-20

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\plain\pard\intbl \sl-219 \li455 \ri0 \expndtw-1 \f20 \fs18 \cf1 (\f40 -\f20 1{\
expndtw-20 *}.17)\up4 \fs10 d
\cell
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\plain\pard\intbl \li405 \ri0 \expndtw-1 \f20 \fs18 \cf1 (\f40 -\f20 6.71)\up4 \
fs10 d
\cell
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\plain\pard\intbl \li404 \ri0 \expndtw-2 \f20 \fs18 \cf1 (36.88)\up4 \fs10 {\exp
ndtw-20 *}
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\plain\pard\intbl \sl-220 \li0 \ri160 \expndtw-7 \f20 \fs18 \cf1 US-Mexico

\cell
\plain\pard\intbl \li455 \ri0 \expndtw-21 \f20 \fs18 \cf1 80-90
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\plain\pard\intbl \li455 \ri129 \fi258 \expndtw-13 \f20 \fs18 \cf1 0.{\expndtw-2
0 *}6
\cell
\plain\pard\intbl \li414 \ri0 \expndtw-13 \f20 \fs18 \cf1 0.14
\cell
\plain\pard\intbl \li405 \ri129 \fi168 \expndtw-13 \f20 \fs18 \cf1 0.{\expndtw-2
0 *}{\expndtw-20 *}
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\plain\pard\intbl \li404 \ri0 \expndtw-13 \f20 \fs18 \cf1 0.10
\cell
\plain\pard\intbl \li404 \ri117 \fi160 \expndtw-13 \f20 \fs18 \cf1 0.56
\cell
\plain\pard\intbl \li421 \ri0 \fi90 \expndtw-13 \f20 \fs18 \cf1 0.18
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\plain\pard\intbl \sl-219 \li455 \ri12 \fi188 \expndtw-2 \f20 \fs18 \cf1 ({\expn
dtw-20 *}.12)\up4 \fs10 c
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\plain\pard\intbl \li405 \ri12 \fi98 \expndtw-2 \f20 \fs18 \cf1 (4.21)\up4 \fs10
{\expndtw-20 *}
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\plain\pard\intbl \li404 \ri0 \fi90 \expndtw-2 \f20 \fs18 \cf1 (7.50)\up4 \fs10
c
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\row\pard
\plain\sl-277\fs28\par\pard\pard\sl-181 \li4 \ri35 \expndtw2 \i \f20 \fs16 \cf1
Note\i0 : log(\i X\dn3 \fs9 ijk\i0 \dn0 \fs16 /\i M\dn3 \fs9 ijk\i0 \dn0 \fs16 )
\f40 = a\i \dn3 \f20 \fs9 jk\i0 \dn8 \fs8 {\expndtw-20 *}\dn0 \f40 \fs16 + b\i
\dn3 \f20 \fs9 {\expndtw-20 *}k\i0 \dn8 \fs8 {\expndtw-20 *}\dn0 \fs16 log(\i
a\dn3 \fs9 ik\i0 \dn0 \fs16 /\i {\expndtw-20 *}\dn3 \fs9 ij\i0 \dn0 \fs16 )\dn3
\f40 \fs9 -\dn6 \f20 1\dn0 \f40 \fs16 + e\i \dn3 \f20 \fs9 ijk\i0 \dn8 \fs8 3\d
n0 \fs16 {\expndtw-20 *}stimated by seemin{\expndtw-20 *}{\expndtw-20 *}y u{\ex
pndtw-20 *}relat{\expndtw-20 *}d r{\expndtw-20 *}g{\expndtw-20 *}essions.\i t\i
0 -statis{\expndtw-20 *}ic{\expndtw-20 *} in
\plain\par
\pard\sl-177 \li4 \ri35 \expndtw4 \f20 \fs16 \cf1 par{\expndtw-20 *}{\expndtw-20
*}thes{\expndtw-20 *}s, b{\expndtw-20 *}sed on h{\expndtw-20 *}teroskedas{\expn
dtw-20 *}ici{\expndtw-20 *}{\expndtw-20 *}-consistent (White) {\expndtw-20 *}tan
dard erro{\expndtw-20 *}s.
\plain\expndtw4 \up7 \f20 \fs9 \cf1 a\up0 \fs16 Lo{\expndtw-20 *} of t{\expndtw
-20 *}{\expndtw-20 *} ratio of bil{\expndtw-20 *}teral ex{\expndtw-20 *}o{\expnd
tw-20 *}ts {\expndtw-20 *}o bilate{\expndtw-20 *}al {\expndtw-20 *}m{\expndtw-20
*}orts.
\plain\expndtw3 \up7 \f20 \fs9 \cf1 b\up0 \fs16 L{\expndtw-20 *}g of US re{\exp
ndtw-20 *}ative t{\expndtw-20 *} oth{\expndtw-20 *}r produ{\expndtw-20 *}tivity.
\plain\expndtw1 \up7 \f20 \fs9 \cf1 c\up0 \fs16 The coefficient is significa{\e
xpndtw-20 *}t at {\expndtw-20 *}% level with {\expndtw-20 *}he co{\expndtw-20 *}
re{\expndtw-20 *}t {\expndtw-20 *}ign.
\plain\expndtw2 \up7 \f20 \fs9 \cf1 d\up0 \fs16 Th{\expndtw-20 *} c{\expndtw-20
*}effi{\expndtw-20 *}ient {\expndtw-20 *}s sign{\expndtw-20 *}ficant at 1% leve
l with the incorrect sign.
\plain\par
\sl-225\fs22\par\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri35 \expndtw1 \f20 \fs2
0 \cf1 (5\f40 \f20 )). The results are very {\expndtw-20 *}i{\expndtw-20 *}ilar t
{\expndtw-20 *} Table 4 o{\expndtw-20 *}erall, but th{\expndtw-20 *}s time th{\e
xpndtw-20 *}re is some improve\plain\expndtw4 \f20 \fs20 \cf1 ment when un{\expndtw-20 *}{\expndtw-20 *} labor
c{\expndtw-20 *}sts rep{\expndtw-20 *}ace produc{\expndtw-20 *}{\expndtw-20 *}{
\expndtw-20 *}i{\expndtw-20 *}y. For Ja{\expndtw-20 *}an, Canada, an{\expndtw-20
*} Italy {\expndtw-20 *}here is
\plain\expndtw5 \f20 \fs20 \cf1 little {\expndtw-20 *}hange, and {\expndtw-20 *}
he Australian case is {\expndtw-20 *}lightly b{\expndtw-20 *}t{\expndtw-20 *}er
with relative product{\expndtw-20 *}vity; but
\plain\expndtw7 \f20 \fs20 \cf1 fo{\expndtw-20 *} Germ{\expndtw-20 *}ny, Korea,
France, and the UK, {\expndtw-20 *}t lea{\expndtw-20 *}t on{\expndtw-20 *} of {\
expndtw-20 *}he equations with relative
\plain\expndtw4 \f20 \fs20 \cf1 unit labor cos{\expndtw-20 *}s does be{\expndtw20 *}{\expndtw-20 *}er ({\expndtw-20 *}n the sense of cor{\expndtw-20 *}ect si{\
expndtw-20 *}n and/or sta{\expndtw-20 *}istic{\expndtw-20 *}l {\expndtw-20 *}ign
ificance
\plain\expndtw0 \f20 \fs20 \cf1 of the co{\expndtw-20 *}fficie{\expndtw-20 *}t).
\plain\par
\sl-240\fs24\par\pard\pard\sl-239 \li4 \ri35 \expndtw6 \i \f20 \fs20 \cf1 Summar
{\expndtw-20 *}\i0 Over{\expndtw-20 *}ll t{\expndtw-20 *}ese results ar{\expndt
w-20 *} {\expndtw-20 *}uit{\expndtw-20 *} fa{\expndtw-20 *}ora{\expndtw-20 *}le
to t{\expndtw-20 *}e Ric{\expndtw-20 *}rd{\expndtw-20 *}an m{\expndtw-20 *}del.
T{\expndtw-20 *}e over\plain\expndtw2 \f20 \fs20 \cf1 whelming major{\expndtw-20 *}{\expndtw-20 *}y of
the coefficients ar{\expndtw-20 *} corre{\expndtw-20 *}tly s{\expndtw-20 *}gned
and mo{\expndtw-20 *}{\expndtw-20 *} are stat{\expndtw-20 *}sti{\expndtw-20 *}a
{\expndtw-20 *}{\expndtw-20 *}y sig\plain\expndtw8 \f20 \fs20 \cf1 {\expndtw-20 *}ificant, alt{\expndtw-20 *}o{\exp

ndtw-20 *}g{\expndtw-20 *} {\expndtw-20 *}he\i R\i0 \up5 \fs12 2\up0 \fs20 a{\
expndtw-20 *}e qui{\expndtw-20 *}{\expndtw-20 *} low {\expndtw-20 *}n mo{\expndt
w-20 *}t instances. The J{\expndtw-20 *}panese re{\expndtw-20 *}ults ar{\expndtw
-20 *}
\plain\expndtw4 \f20 \fs20 \cf1 p{\expndtw-20 *}rticul{\expndtw-20 *}rly {\expnd
tw-20 *}ood, with {\expndtw-20 *}e{\expndtw-20 *}ative produ{\expndtw-20 *}{\exp
ndtw-20 *}ivity and {\expndtw-20 *}n{\expndtw-20 *}t l{\expndtw-20 *}bor {\expnd
tw-20 *}osts explaining a substan\plain\expndtw3 \f20 \fs20 \cf1 ti{\expndtw-20 *}l {\expndtw-20 *}or{\expndtw-20
*}io{\expndtw-20 *} of bil{\expndtw-20 *}teral US-{\expndtw-20 *}apa{\expndtw-2
0 *} trade.
\plain\par
\pard\sl-239 \li4 \ri35 \fi199 \expndtw10 \f20 \fs20 \cf1 Low\i R\i0 \up5 \fs12
2\up0 \fs20 are n{\expndtw-20 *}t too sur{\expndtw-20 *}rising g{\expndtw-20 *
}ven the likel{\expndtw-20 *}hood {\expndtw-20 *}f m{\expndtw-20 *}asurement err
or {\expndtw-20 *}n the
\plain\expndtw7 \f20 \fs20 \cf1 independent {\expndtw-20 *}{\expndtw-20 *}ria{\e
xpndtw-20 *}le, and the fact that these ar{\expndtw-20 *} pu{\expndtw-20 *}{\exp
ndtw-20 *}ly cr{\expndtw-20 *}ss-sectional regression{\expndtw-20 *}.
\plain\expndtw4 \f20 \fs20 \cf1 Mea{\expndtw-20 *}{\expndtw-20 *}rement error pr
ob{\expndtw-20 *}bly arises owing {\expndtw-20 *}o the omission {\expndtw-20 *}f
non-labor {\expndtw-20 *}osts, e{\expndtw-20 *}rors i{\expndtw-20 *}
\plain\expndtw3 \f20 \fs20 \cf1 {\expndtw-20 *}easuring {\expndtw-20 *}roductivi
ty an{\expndtw-20 *} lab{\expndtw-20 *}r costs, an{\expndtw-20 *} imp{\expndtw-2
0 *}{\expndtw-20 *}fec{\expndtw-20 *}{\expndtw-20 *}ons of the availab{\expndtw20 *}e PPPs. M{\expndtw-20 *}a\plain\expndtw8 \f20 \fs20 \cf1 su{\expndtw-20 *}ement er{\expndtw-20 *}or in t{
\expndtw-20 *}e {\expndtw-20 *}ndepen{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20
*}{\expndtw-20 *} variable bias{\expndtw-20 *}s the coe{\expndtw-20 *}ficien{\ex
pndtw-20 *}s {\expndtw-20 *}owards {\expndtw-20 *}{\expndtw-20 *}ro, as
\plain\expndtw7 \f20 \fs20 \cf1 M{\expndtw-20 *}cDougal{\expndtw-20 *} (1951) st
ressed in his original article. In a{\expndtw-20 *}dition, {\expndtw-20 *}owe{\e
xpndtw-20 *}er, {\expndtw-20 *}{\expndtw-20 *}e {\expndtw-20 *}ow\i R\i0 \up5 \
fs12 2
\plain\expndtw8 \f20 \fs20 \cf1 suggest that t{\expndtw-20 *}e{\expndtw-20 *}e m
ay be omitted variables. The decline in\i R\i0 \up5 \fs12 2\up0 \fs20 from tho
se found in
\plain\expndtw3 \f20 \fs20 \cf1 earlier {\expndtw-20 *}erio{\expndtw-20 *}s {\ex
pndtw-20 *}o{\expndtw-20 *} the US-U{\expndtw-20 *} {\expndtw-20 *}a{\expndtw-20
*}e may be p{\expndtw-20 *}rt{\expndtw-20 *}y e{\expndtw-20 *}p{\expndtw-20 *}a
{\expndtw-20 *}ned by the i{\expndtw-20 *}creases in capital
\plain\par
\sl-111\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri35 \expndtw1 \f20 \fs1
2 \cf1 Blackwell Publishers Ltd 200{\expndtw-20 *}
\par
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\plain\pard\intbl \li385 \ri117 \fi161 \expndtw-10 \f40 \fs18 \cf1 -\f20 0.8{\ex
pndtw-20 *}
\cell
\plain\pard\intbl \li387 \ri0 \fi90 \expndtw-13 \f20 \fs18 \cf1 0.{\expndtw-20 *
}0
\cell
\row
\trowd\trql\trgaph0\trrh-219\trleft4
\clvertalb
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\cell
\plain\pard\intbl \sl-219 \li506 \ri0 \expndtw-1 \f20 \fs18 \cf1 (12.46)\up4 \fs
10 d
\cell
\cell
\plain\pard\intbl \li386 \ri0 \fi90 \expndtw-2 \f20 \fs18 \cf1 (\f40 -\f20 5.60)
\up4 \fs10 c
\cell
\cell
\plain\pard\intbl \li385 \ri90 \expndtw-2 \f20 \fs18 \cf1 (\f40 -\f20 31.8)\up4
\fs10 {\expndtw-20 *}
\cell
\cell
\row
\trowd\trql\trgaph0\trrh-220\trleft4
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\plain\pard\intbl \sl-220 \li0 \ri137 \expndtw-7 \f20 \fs18 \cf1 US-Mexico
\cell
\plain\pard\intbl \li457 \ri0 \expndtw-21 \f20 \fs18 \cf1 {\expndtw-20 *}0-90
\cell
\plain\pard\intbl \li506 \ri130 \fi70 \expndtw-10 \f40 \fs18 \cf1 -\f20 0.47
\cell
\plain\pard\intbl \li374 \ri0 \expndtw-13 \f20 \fs18 \cf1 0.14
\cell
\plain\pard\intbl \li386 \ri117 \fi160 \expndtw-10 \f40 \fs18 \cf1 -\f20 0.29
\cell
\plain\pard\intbl \li387 \ri0 \expndtw-13 \f20 \fs18 \cf1 {\expndtw-20 *}.10
\cell
\plain\pard\intbl \li385 \ri117 \fi161 \expndtw-10 \f40 \fs18 \cf1 -\f20 0.5{\ex
pndtw-20 *}
\cell
\plain\pard\intbl \li387 \ri0 \fi90 \expndtw-13 \f20 \fs18 \cf1 0.19
\cell

\row
\trowd\trql\trgaph0\trrh-219\trleft4
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\cell
\plain\pard\intbl \sl-219 \li506 \ri12 \expndtw-2 \f20 \fs18 \cf1 (\f40 -\f20 5.
21)\up4 \fs10 c
\cell
\cell
\plain\pard\intbl \li386 \ri0 \fi90 \expndtw-2 \f20 \fs18 \cf1 (\f40 -\f20 3.83)
\up4 \fs10 c
\cell
\cell
\plain\pard\intbl \li385 \ri0 \fi91 \expndtw-2 \f20 \fs18 \cf1 (\f40 -\f20 6.13)
\up4 \fs10 c
\cell
\cell
\row\pard
\plain\sl-277\fs28\par\pard\pard\sl-181 \li4 \ri35 \expndtw5 \i \f20 \fs16 \cf1
No{\expndtw-20 *}e\i0 : log(\i X\dn3 \fs9 ijk\i0 \dn0 \fs16 /\i M\dn3 \fs9 ijk\i
0 \dn0 \fs16 )\f40 = {\expndtw-20 *}\i \dn3 \f20 \fs9 jk\i0 \dn8 \fs8 4\dn0 \f4
0 \fs16 + b\i \dn3 \f20 \fs9 jk\i0 \dn8 \fs8 4\dn0 \fs16 log\i {\expndtw-20 *
}\dn3 \fs9 ijk\i0 \dn0 \f40 \fs8 -\dn8 \f20 1\dn0 \f40 \fs16 + e\i \dn3 \f20 \f
s9 i{\expndtw-20 *}k\i0 \dn8 \fs8 4\dn0 \fs16 estimated by s{\expndtw-20 *}emin
gl{\expndtw-20 *} unre{\expndtw-20 *}ated reg{\expndtw-20 *}es{\expndtw-20 *}ion
s.\i {\expndtw-20 *}\i0 -statistics i{\expndtw-20 *}
\plain\par
\pard\sl-177 \li4 \ri35 \expndtw4 \f20 \fs16 \cf1 {\expndtw-20 *}{\expndtw-20 *}
rentheses, b{\expndtw-20 *}sed on {\expndtw-20 *}eteros{\expndtw-20 *}edasticit{
\expndtw-20 *}-consistent (White) st{\expndtw-20 *}ndar{\expndtw-20 *} erro{\exp
ndtw-20 *}{\expndtw-20 *}.
\plain\expndtw4 \up7 \f20 \fs9 \cf1 a\up0 \fs16 Log of th{\expndtw-20 *} rati{\
expndtw-20 *} of bilateral exports to {\expndtw-20 *}ila{\expndtw-20 *}eral impo
{\expndtw-20 *}t{\expndtw-20 *}.
\plain\expndtw4 \up7 \f20 \fs9 \cf1 b\up0 \fs16 Log o{\expndtw-20 *} US r{\expn
dtw-20 *}l{\expndtw-20 *}ti{\expndtw-20 *}e to ot{\expndtw-20 *}er unit labor co
s{\expndtw-20 *}.
\plain\expndtw1 \up7 \f20 \fs9 \cf1 c\up0 \fs16 {\expndtw-20 *}he coefficient i
s si{\expndtw-20 *}nifican{\expndtw-20 *} at 1% level with the corre{\expndtw-20
*}t si{\expndtw-20 *}n.
\plain\expndtw2 \up7 \f20 \fs9 \cf1 d\up0 \fs16 The coe{\expndtw-20 *}ficient {

\expndtw-20 *}s signifi{\expndtw-20 *}ant at 1% lev{\expndtw-20 *}l with the {\e

xpndtw-20 *}ncorrect {\expndtw-20 *}ign.
\plain\par
\sl-225\fs22\par\sl-240\fs24\par\pard\pard\sl-240 \li4 \ri35 \expndtw4 \f20 \fs2
0 \cf1 mobility {\expndtw-20 *}nd technology transfer whi{\expndtw-20 *}h have l
e{\expndtw-20 *} to {\expndtw-20 *}reater conve{\expndtw-20 *}gence of produ{\ex
pndtw-20 *}tiv\plain\expndtw4 \f20 \fs20 \cf1 ities across countries in recent decades.\up5 \f
s12 21
\plain\par
\pard\sl-240 \li4 \ri35 \fi200 \expndtw10 \f20 \fs20 \cf1 {\expndtw-20 *}roducti
vity performs sli{\expndtw-20 *}htly better than unit lab{\expndtw-20 *}r costs
when the dependen{\expndtw-20 *}
\plain\expndtw3 \f20 \fs20 \cf1 variable is re{\expndtw-20 *}a{\expndtw-20 *}ive
exports, {\expndtw-20 *}u{\expndtw-20 *} {\expndtw-20 *}he reverse is true whe{
\expndtw-20 *} the depe{\expndtw-20 *}dent variable is {\expndtw-20 *}i{\expndtw
-20 *}at\plain\expndtw3 \f20 \fs20 \cf1 e{\expndtw-20 *}{\expndtw-20 *}l trade b{\expndt
w-20 *}lan{\expndtw-20 *}es. So the{\expndtw-20 *}e is no clear prefer{\expndtw20 *}nce for eithe{\expndtw-20 *} sp{\expndtw-20 *}cific{\expndtw-20 *}{\expndtw
-20 *}ion. {\expndtw-20 *}h{\expndtw-20 *} r{\expndtw-20 *}s{\expndtw-20 *}{\exp
ndtw-20 *}{\expndtw-20 *}s
\plain\expndtw4 \f20 \fs20 \cf1 suggest the {\expndtw-20 *}{\expndtw-20 *}porta{
\expndtw-20 *}c{\expndtw-20 *} of the choice o{\expndtw-20 *} PPP con{\expndtw-2
0 *}ersi{\expndtw-20 *}n factor. Fo{\expndtw-20 *} F{\expndtw-20 *}an{\expndtw-2
0 *}{\expndtw-20 *} a{\expndtw-20 *}d Korea,
\plain\expndtw3 \f20 \fs20 \cf1 th{\expndtw-20 *} results a{\expndtw-20 *}e {\ex
pndtw-20 *}a{\expndtw-20 *}ticu{\expndtw-20 *}arly {\expndtw-20 *}en{\expndtw-20
*}itive {\expndtw-20 *}o the ch{\expndtw-20 *}ice o{\expndtw-20 *} {\expndtw-20
*}PP m{\expndtw-20 *}asure. The manufac{\expndtw-20 *}{\expndtw-20 *}r{\expndtw
-20 *}ng\plain\expndtw7 \f20 \fs20 \cf1 {\expndtw-20 *}{\expndtw-20 *}sed disaggr{\expnd
tw-20 *}ga{\expndtw-20 *}ed I{\expndtw-20 *}{\expndtw-20 *}P P{\expndtw-20 *}{\e
xpndtw-20 *} measures yield {\expndtw-20 *}he most succe{\expndtw-20 *}s{\expndt
w-20 *}ul {\expndtw-20 *}esul{\expndtw-20 *}s, b{\expndtw-20 *}t th{\expndtw-20
*}y
\plain\expndtw4 \f20 \fs20 \cf1 are not availa{\expndtw-20 *}le fo{\expndtw-20 *
} many c{\expndtw-20 *}u{\expndtw-20 *}t{\expndtw-20 *}ie{\expndtw-20 *}.
\plain\par
\sl-148\fs15\par\sl-240\fs24\par\pard\pard\sl-220 \li4 \ri35 \expndtw0 \b \f20 \
fs22 \cf1 4. Conclusio{\expndtw-20 *}s
\plain\par
\pard\sl-351 \li4 \ri35 \expndtw5 \f20 \fs20 \cf1 This paper provides fairly {\e
xpndtw-20 *}tro{\expndtw-20 *}g support for t{\expndtw-20 *}e Ric{\expndtw-20 *}
rdian model, despite the serious
\plain\par
\pard\sl-240 \li4 \ri35 \expndtw4 \f20 \fs20 \cf1 {\expndtw-20 *}ifficul{\expndt
w-20 *}ies invo{\expndtw-20 *}ve{\expndtw-20 *} in making the requisit{\expndtw20 *} in{\expndtw-20 *}ernational compari{\expndtw-20 *}ons of produc{\expndtw-2
0 *}ivity
\plain\expndtw6 \f20 \fs20 \cf1 and labor compen{\expndtw-20 *}ation. I{\expndtw
-20 *} t{\expndtw-20 *}e vast majority of ca{\expndtw-20 *}es, relative p{\expnd
tw-20 *}o{\expndtw-20 *}ucti{\expndtw-20 *}ity and unit
\plain\expndtw3 \f20 \fs20 \cf1 la{\expndtw-20 *}or cost {\expndtw-20 *}{\expndt
w-20 *}lp to {\expndtw-20 *}xp{\expndtw-20 *}ain US bil{\expndtw-20 *}te{\expndt
w-20 *}al tr{\expndtw-20 *}d{\expndtw-20 *} pat{\expndtw-20 *}er{\expndtw-20 *}s
, particularly {\expndtw-20 *}h{\expndtw-20 *}n s{\expndtw-20 *}{\expndtw-20 *}t
or-spec{\expndtw-20 *}fi{\expndtw-20 *}
\plain\expndtw6 \f20 \fs20 \cf1 pur{\expndtw-20 *}{\expndtw-20 *}asing-power-pa{
\expndtw-20 *}ity exch{\expndtw-20 *}ng{\expndtw-20 *} {\expndtw-20 *}ates ar{\e

xpndtw-20 *} used. I{\expndtw-20 *} most c{\expndtw-20 *}ses only a small part o

f
\plain\expndtw4 \f20 \fs20 \cf1 the variation of trade patterns is ex{\expndtw-2
0 *}la{\expndtw-20 *}ned {\expndtw-20 *}{\expndtw-20 *} {\expndtw-20 *}he mod{\e
xpndtw-20 *}l, but this is common {\expndtw-20 *}n {\expndtw-20 *}{\expndtw-20 *
}oss\plain\expndtw7 \f20 \fs20 \cf1 s{\expndtw-20 *}c{\expndtw-20 *}i{\expndtw-20 *}
nal ana{\expndtw-20 *}ysi{\expndtw-20 *}. Despite {\expndtw-20 *}ts extreme simp
licity, th{\expndtw-20 *} R{\expndtw-20 *}c{\expndtw-20 *}rd{\expndtw-20 *}an mo
del co{\expndtw-20 *}tinues to
\plain\expndtw2 \f20 \fs20 \cf1 perform sur{\expndtw-20 *}{\expndtw-20 *}isi{\ex
pndtw-20 *}g{\expndtw-20 *}y wel{\expndtw-20 *} empi{\expndtw-20 *}ically.
\plain\par
\sl-112\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri35 \fi5720 \expndtw1 \
f20 \fs12 \cf1 {\expndtw-20 *}lackw{\expndtw-20 *}ll Publishers Ltd 2000
\par
\sect\sectd\sbkpage\margtsxn380\pard
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on {\expndtw-20 *}f Classical Co{\expndtw-20 *}parative Cost T{\expndtw-20 *}eor
y,"\i Review o{\expndtw-20 *}
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw0 \i \f20 \fs18 \cf1 {\expndtw-20 *}conom
ics and {\expndtw-20 *}tatistics\i0 4 (1963):231-8.
\plain\expndtw5 \f20 \fs18 \cf1 Bardhan, Pranab, "Disparity in W{\expndtw-20 *}{
\expndtw-20 *}es But Not in Returns to Capi{\expndtw-20 *}al Be{\expndtw-20 *}we
{\expndtw-20 *}n Rich and {\expndtw-20 *}oor
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\pard\sl-219 \li4 \ri35 \fi180 \expndtw0 \f20 \fs18 \cf1 Countries,"\i J{\expnd
tw-20 *}urnal of Dev{\expndtw-20 *}lopment Econ{\expndtw-20 *}mics\i0 49 (1996)
:257-70.
\plain\expndtw3 \f20 \fs18 \cf1 Bhagwati, J{\expndtw-20 *}gdish, "Th{\expndtw-20
*} Pure {\expndtw-20 *}heory of Internationa{\expndtw-20 *} Trade: A Survey,"\i
{\expndtw-20 *}{\expndtw-20 *}onomic Jo{\expndtw-20 *}rna{\expndtw-20 *}\i0 {
\expndtw-20 *}4
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw-8 \f20 \fs18 \cf1 (1964):1-84.
\plain\expndtw2 \f20 \fs18 \cf1 B{\expndtw-20 *}{\expndtw-20 *}en, Harry P., Edw
ard E. L{\expndtw-20 *}amer, and Leo {\expndtw-20 *}viek{\expndtw-20 *}uska{\exp
ndtw-20 *}s, "Mul{\expndtw-20 *}icountry, Mul{\expndtw-20 *}i{\expndtw-20 *}a{\e
xpndtw-20 *}tor {\expndtw-20 *}est{\expndtw-20 *} of
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw1 \f20 \fs18 \cf1 the Factor A{\expndtw-2
0 *}undan{\expndtw-20 *}e Theory,"\i Am{\expndtw-20 *}rican Econom{\expndtw-20
*}c Revie{\expndtw-20 *}\i0 77 (1987):791-809.
\plain\expndtw5 \f20 \fs18 \cf1 C{\expndtw-20 *}ves, Ri{\expndtw-20 *}{\expndtw20 *}ard et al. (eds.),\i Industrial Effi{\expndtw-20 *}{\expndtw-20 *}en{\expn
dtw-20 *}y in Six {\expndtw-20 *}at{\expndtw-20 *}ons\i0 , Ca{\expndtw-20 *}brid
ge, MA: MIT Press
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw-5 \f20 \fs18 \cf1 (19{\expndtw-20 *}2).
\plain\expndtw2 \f20 \fs18 \cf1 Caves, Richard E., Jeffre{\expndtw-20 *} A. Fr{\
expndtw-20 *}nkel {\expndtw-20 *}nd Rona{\expndtw-20 *}d W. Jones,\i World Trad
e and P{\expndtw-20 *}ym{\expndtw-20 *}n{\expndtw-20 *}s\i0 , {\expndtw-20 *}th

edn,
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw2 \f20 \fs18 \cf1 New York: HarperCollins
(1996).
\plain\expndtw3 \f20 \fs18 \cf1 D{\expndtw-20 *}vis, D{\expndtw-20 *}n{\expndtw20 *}ld R., "Intr{\expndtw-20 *}-Indu{\expndtw-20 *}try Trade: A Hecksche{\expnd
tw-20 *}-Ohlin-R{\expndtw-20 *}cardo Approach,"\i Journ{\expndtw-20 *}l {\expnd
tw-20 *}f
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw0 \i \f20 \fs18 \cf1 I{\expndtw-20 *}{\ex
pndtw-20 *}ernatio{\expndtw-20 *}al Economics\i0 {\expndtw-20 *}9 (1995):201-26
.
\plain\expndtw2 \f20 \fs18 \cf1 Dear{\expndtw-20 *}{\expndtw-20 *}rff, Alan, "Te
sting T{\expndtw-20 *}{\expndtw-20 *}d{\expndtw-20 *} Theories and Predicting Tr
ade Flows," i{\expndtw-20 *} Ronald W. Jo{\expndtw-20 *}es and
\plain\par
\pard\sl-219 \li184 \ri35 \expndtw7 \f20 \fs18 \cf1 Peter B. K{\expndtw-20 *}nen
(eds.),\i Handboo{\expndtw-20 *} of {\expndtw-20 *}nternatio{\expndtw-20 *}al
Econo{\expndtw-20 *}ics\i0 , Vo{\expndtw-20 *}. I, Amster{\expndtw-20 *}a{\expnd
tw-20 *}: {\expndtw-20 *}ort{\expndtw-20 *}\plain\expndtw-2 \f20 \fs18 \cf1 Holland (1984):467-5{\expndtw-20 *}7.
\plain\par
\pard\sl-219 \li4 \ri35 \expndtw3 \f20 \fs18 \cf1 Do{\expndtw-20 *}lar, David an
d Ed{\expndtw-20 *}{\expndtw-20 *}rd N. Wolff,\i Competitivenes{\expndtw-20 *},
Con{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}gence, {\expndtw-20 *}n{\expndt
w-20 *} International Spe{\expndtw-20 *}iali\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw2 \i \f20 \fs18 \cf1 z{\expndtw-20 *}tion
\i0 , C{\expndtw-20 *}mbridge, MA: MIT Press (1993).
\plain\expndtw3 \f20 \fs18 \cf1 Ethier, Wilfred,\i Modern International Econom{
\expndtw-20 *}{\expndtw-20 *}s\i0 , 3rd edn., New York: N{\expndtw-20 *}r{\expnd
tw-20 *}on (1995).
\plain\expndtw1 \f20 \fs18 \cf1 Fer{\expndtw-20 *}uson, D. G., "Interna{\expndtw
-20 *}io{\expndtw-20 *}al C{\expndtw-20 *}pi{\expndtw-20 *}al Mobility {\expndtw
-20 *}nd Compar{\expndtw-20 *}tive Adva{\expndtw-20 *}tage: The Tw{\expndtw-20 *
}-Coun{\expndtw-20 *}ry,
\plain\par
\pard\sl-219 \li4 \ri35 \fi179 \expndtw0 \f20 \fs18 \cf1 Two-Factor Ca{\expndtw20 *}e,"\i Journal of International Economics\i0 8 (197{\expndtw-20 *}):37{\ex
pndtw-20 *}-96.
\plain\expndtw1 \f20 \fs18 \cf1 G{\expndtw-20 *}gnon, Joseph E. and A{\expndtw-2
0 *}dre{\expndtw-20 *} {\expndtw-20 *}. Ros{\expndtw-20 *}, "Dynamic Persi{\expn
dtw-20 *}tenc{\expndtw-20 *} of Industry Tra{\expndtw-20 *}e Bala{\expndtw-20 *}
ces: How
\plain\par
\pard\sl-219 \li4 \ri35 \fi179 \expndtw2 \f20 \fs18 \cf1 Persistent is th{\expnd
tw-20 *} {\expndtw-20 *}rodu{\expndtw-20 *}t Cycl{\expndtw-20 *}?"\i Oxford Ec{
\expndtw-20 *}nomi{\expndtw-20 *} Papers\i0 {\expndtw-20 *}7 (1995):229-48.
\plain\expndtw6 \f20 \fs18 \cf1 Giovannini, {\expndtw-20 *}{\expndtw-20 *}berto,
"{\expndtw-20 *}xchange Rates and Tr{\expndtw-20 *}ded Goo{\expndtw-20 *}s Pri{
\expndtw-20 *}es,"\i Jour{\expndtw-20 *}al of International
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw-1 \i \f20 \fs18 \cf1 Economics\i0 24 ({
\expndtw-20 *}988):45-68.
\plain\expndtw4 \f20 \fs18 \cf1 Golub, Stephen {\expndtw-20 *}., "Com{\expndtw-2
0 *}arat{\expndtw-20 *}ve Advanta{\expndtw-20 *}e, Exch{\expndtw-20 *}nge Rates,
and Sectora{\expndtw-20 *} Trade Balances o{\expndtw-20 *}
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw0 \f20 \fs18 \cf1 {\expndtw-20 *}ajo{\exp
ndtw-20 *} {\expndtw-20 *}{\expndtw-20 *}dustrial Countries,"\i IMF Staff Paper

s\i0 {\expndtw-20 *}1 (1994):286-313.

\plain\expndtw4 \f20 \fs18 \cf1 H{\expndtw-20 *}oper, Peter {\expndtw-20 *}. and
K{\expndtw-20 *}thryn A. Larin, "Inter{\expndtw-20 *}ational {\expndtw-20 *}omp
arison{\expndtw-20 *} o{\expndtw-20 *} Lab{\expndtw-20 *}r Cos{\expndtw-20 *}s i
n Manu\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw0 \f20 \fs18 \cf1 facturin{\expndtw-20 *}
,"\i Re{\expndtw-20 *}iew of {\expndtw-20 *}ncome and Wealth\i0 35 (19{\expndt
w-20 *}9):335-55.
\plain\expndtw8 \f20 \fs18 \cf1 {\expndtw-20 *}ooper, {\expndtw-20 *}et{\expndtw
-20 *}r M. and {\expndtw-20 *}lizabeth Vrank{\expndtw-20 *}v{\expndtw-20 *}ch, "
Int{\expndtw-20 *}rnation{\expndtw-20 *}l Comp{\expndtw-20 *}risons of the L{\ex
pndtw-20 *}vels of
\plain\par
\pard\sl-219 \li184 \ri35 \expndtw5 \f20 \fs18 \cf1 L{\expndtw-20 *}{\expndtw-20
*}or C{\expndtw-20 *}sts in Manufacturing," {\expndtw-20 *}n Keith E. Maskus, P
{\expndtw-20 *}ter M. Hoop{\expndtw-20 *}{\expndtw-20 *}, Edwa{\expndtw-20 *}d E
. Leam{\expndtw-20 *}{\expndtw-20 *},
\plain\expndtw7 \f20 \fs18 \cf1 and {\expndtw-20 *}. Dav{\expndtw-20 *}d Richard
s{\expndtw-20 *}{\expndtw-20 *} (eds.),\i Qui{\expndtw-20 *}t Pionee{\expndtw-2
0 *}{\expndtw-20 *}ng: Rob{\expndtw-20 *}rt M. St{\expndtw-20 *}{\expndtw-20 *}n
and His I{\expndtw-20 *}ternational
\plain\expndtw2 \i \f20 \fs18 \cf1 {\expndtw-20 *}conomic L{\expndtw-20 *}gacy\i
0 , {\expndtw-20 *}{\expndtw-20 *}n Arbor: Univ{\expndtw-20 *}r{\expndtw-20 *}i{
\expndtw-20 *}y of M{\expndtw-20 *}chi{\expndtw-20 *}an Press (1997):231-82.
\plain\par
\pard\sl-219 \li4 \ri35 \expndtw5 \f20 \fs18 \cf1 {\expndtw-20 *}sard, Peter, "H
ow Far {\expndtw-20 *}an We Push the La{\expndtw-20 *} of One Price?"\i America
n Economic Review\i0 67
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw-7 \f20 \fs18 \cf1 (197{\expndtw-20 *}):9
{\expndtw-20 *}2-8.
\plain\expndtw2 \f20 \fs18 \cf1 Jones, Ronald W., "Compa{\expndtw-20 *}a{\expndt
w-20 *}ive Advantage and the Theory of Tarif{\expndtw-20 *}s: A Mu{\expndtw-20 *
}t{\expndtw-20 *}-{\expndtw-20 *}oun{\expndtw-20 *}r{\expndtw-20 *}, M{\expndtw20 *}lt{\expndtw-20 *}\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw1 \f20 \fs18 \cf1 Co{\expndtw-20 *}mo{\ex
pndtw-20 *}ity Model,"\i Review of Ec{\expndtw-20 *}n{\expndtw-20 *}mi{\expndtw
-20 *} Stud{\expndtw-20 *}es\i0 28 (1961):161-75.
\plain\expndtw3 \f20 \fs18 \cf1 {\f63 \u8212\'3f}{\f63 \u8212\'3f}{\f63 \u8212\'
3f}, "Comparative and Absol{\expndtw-20 *}te {\expndtw-20 *}dvantage,"\i Swiss
Journal of Economi{\expndtw-20 *}s and Sta{\expndtw-20 *}{\expndtw-20 *}stics\i0
3
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw-7 \f20 \fs18 \cf1 (1980):2{\expndtw-20 *
}{\expndtw-20 *}-60.
\plain\expndtw7 \f20 \fs18 \cf1 Jorgens{\expndtw-20 *}n, {\expndtw-20 *}ale W.,\
i Pr{\expndtw-20 *}ductivity, {\expndtw-20 *}ol. 2: {\expndtw-20 *}nternation{\
expndtw-20 *}l Compar{\expndtw-20 *}sons {\expndtw-20 *}{\expndtw-20 *} Economic
G{\expndtw-20 *}owth\i0 ,
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw2 \f20 \fs18 \cf1 C{\expndtw-20 *}mbridge
, {\expndtw-20 *}A: MIT {\expndtw-20 *}re{\expndtw-20 *}s (199{\expndtw-20 *}).
\plain\expndtw4 \f20 \fs18 \cf1 Jorg{\expndtw-20 *}nson, Dale W. {\expndtw-20 *}
nd Masah{\expndtw-20 *}{\expndtw-20 *}o Kuro{\expndtw-20 *}a, "Productiv{\expndt
w-20 *}ty and {\expndtw-20 *}n{\expndtw-20 *}ernational Competi{\expndtw-20 *}iv
{\expndtw-20 *}ness in
\plain\par
\pard\sl-219 \li184 \ri35 \expndtw3 \f20 \fs18 \cf1 {\expndtw-20 *}apan a{\expnd

tw-20 *}d the United S{\expndtw-20 *}a{\expndtw-20 *}es, 1960-1985," in Ch{\expn

dtw-20 *}{\expndtw-20 *}le{\expndtw-20 *} R. {\expndtw-20 *}ulten (e{\expndtw-20
*}.),\i Pr{\expndtw-20 *}d{\expndtw-20 *}ctivity {\expndtw-20 *}rowth in
\plain\expndtw1 \i \f20 \fs18 \cf1 Japan and the {\expndtw-20 *}nited States\i0
, Ch{\expndtw-20 *}{\expndtw-20 *}a{\expndtw-20 *}o: Un{\expndtw-20 *}{\expndtw20 *}e{\expndtw-20 *}sit{\expndtw-20 *} of Chi{\expndtw-20 *}ago Pre{\expndtw-20
*}{\expndtw-20 *} (1990):29-55.
\plain\par
\pard\sl-219 \li4 \ri35 \expndtw2 \f20 \fs18 \cf1 Krugman, Paul R., "{\expndtw-2
0 *}ntraindustr{\expndtw-20 *}al {\expndtw-20 *}pecialization and the Gai{\expnd
tw-20 *}s from Tra{\expndtw-20 *}e,"\i J{\expndtw-20 *}urnal of Pol{\expndtw-20
*}ti\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw0 \i \f20 \fs18 \cf1 {\expndtw-20 *}al E{
\expndtw-20 *}onomy\i0 8{\expndtw-20 *} (1981):9{\expndtw-20 *}9-74.
\plain\expndtw3 \f20 \fs18 \cf1 Krugman, Paul R. and {\expndtw-20 *}aur{\expndtw
-20 *}ce O{\expndtw-20 *}stfeld,\i {\expndtw-20 *}nter{\expndtw-20 *}ational Ec
{\expndtw-20 *}nomi{\expndtw-20 *}{\expndtw-20 *}: Theor{\expndtw-20 *} and Pol{
\expndtw-20 *}cy\i0 , 4th {\expndtw-20 *}dn.,
\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw2 \f20 \fs18 \cf1 Re{\expndtw-20 *}d{\exp
ndtw-20 *}ng MA: Addi{\expndtw-20 *}on-{\expndtw-20 *}esley (1{\expndtw-20 *}97)
.
\plain\expndtw3 \f20 \fs18 \cf1 Leam{\expndtw-20 *}r, Edward E. and James Levins
ohn, "Inter{\expndtw-20 *}a{\expndtw-20 *}io{\expndtw-20 *}{\expndtw-20 *}l {\ex
pndtw-20 *}rade T{\expndtw-20 *}eory: Th{\expndtw-20 *} Evidence,"\i {\expndtw20 *}and\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw3 \i \f20 \fs18 \cf1 book of Internationa
l Economics\i0 , Vo{\expndtw-20 *}. 3, Amsterdam: {\expndtw-20 *}o{\expndtw-20 *
}t{\expndtw-20 *}-Hol{\expndtw-20 *}and (1996).
\plain\expndtw2 \f20 \fs18 \cf1 M{\expndtw-20 *}cDougal{\expndtw-20 *}, {\expndt
w-20 *}.D.A., "British and American Export: {\expndtw-20 *} Study Sug{\expndtw-2
0 *}es{\expndtw-20 *}ed by the T{\expndtw-20 *}eory of Com\plain\par
\pard\sl-219 \li4 \ri35 \fi180 \expndtw0 \f20 \fs18 \cf1 parati{\expndtw-20 *}e
C{\expndtw-20 *}s{\expndtw-20 *}s, P{\expndtw-20 *}rt I,"\i Economi{\expndtw-20
*} Jo{\expndtw-20 *}{\expndtw-20 *}n{\expndtw-20 *}l\i0 61 (1951):697-724.
\plain\par
\sl-116\fs12\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri35 \expndtw1 \f20 \fs1
2 \cf1 {\expndtw-20 *}lackwell {\expndtw-20 *}ublisher{\expndtw-20 *} Ltd 2000
\par
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mora{\expndtw-20 *}dum 567 (GD-6) (1994).
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\plain\expndtw0 \i \f20 \fs18 \cf1 Int{\expndtw-20 *}rnational Economic T{\expnd
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\plain\par
\pard\sl-219 \li4 \ri34 \fi180 \expndtw-7 \f20 \fs18 \cf1 (1980):201-11.
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{\expndtw-20 *} {\expndtw-20 *}t{\expndtw-20 *}er {\expndtw-20 *}ysteries,"\i A
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expndtw-20 *}irk Pil{\expndtw-20 *}t, "{\expndtw-20 *}roductivity Levels i{\expn
dtw-20 *} Germany, Japan and the {\expndtw-20 *}ni{\expndtw-20 *}ed {\expndtw-20
*}tates:

\plain\par
\pard\sl-219 \li184 \ri34 \expndtw13 \f20 \fs18 \cf1 Di{\expndtw-20 *}fe{\expndt
w-20 *}enc{\expndtw-20 *}s and C{\expndtw-20 *}u{\expndtw-20 *}es,"\i Brook{\ex
pndtw-20 *}ngs P{\expndtw-20 *}pers on Economic A{\expndtw-20 *}tivity M{\expndt
w-20 *}cr{\expndtw-20 *}economics
\plain\expndtw-9 \f20 \fs18 \cf1 (19{\expndtw-20 *}3):1- {\expndtw-20 *}8.
\plain\par
\pard\sl-219 \li4 \ri34 \expndtw2 \f20 \fs18 \cf1 Wolff, {\expndtw-20 *}dward N.
, "Pr{\expndtw-20 *}ductiv{\expndtw-20 *}ty Grow{\expndtw-20 *}h an{\expndtw-20
*} Capital Intensity on th{\expndtw-20 *} Sector an{\expndtw-20 *} Industry Le{\
expndtw-20 *}el:
\plain\par
\pard\sl-219 \li184 \ri34 \expndtw1 \f20 \fs18 \cf1 Specializati{\expndtw-20 *}n
Among {\expndtw-20 *}E{\expndtw-20 *}{\expndtw-20 *} Countr{\expndtw-20 *}es, 1
970-1988," m{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}o, N{\expndtw-20 *}w Y{
\expndtw-20 *}rk University ({\expndtw-20 *}ebr{\expndtw-20 *}ar{\expndtw-20 *}
\plain\expndtw-7 \f20 \fs18 \cf1 1993).
\plain\par
\pard\sl-219 \li4 \ri34 \expndtw3 \f20 \fs18 \cf1 World Bank,\i Purch{\expndtw20 *}sing Power of Curren{\expndtw-20 *}ies\i0 (with *Stars* {\expndtw-20 *}is{
\expndtw-20 *}ettes), Inte{\expndtw-20 *}national Eco{\expndtw-20 *}omics
\plain\par
\pard\sl-219 \li4 \ri34 \fi179 \expndtw3 \f20 \fs18 \cf1 Depart{\expndtw-20 *}en
{\expndtw-20 *} (1993).
\plain\par
\sl-193\fs19\par\sl-240\fs24\par\pard\pard\sl-220 \li4 \ri34 \expndtw-6 \b \f20
\fs22 \cf1 Notes
\plain\par
\pard\sl-350 \li4 \ri34 \expndtw1 \f20 \fs18 \cf1 1. Fo{\expndtw-20 *} ex{\expnd
tw-20 *}mple, Kr{\expndtw-20 *}{\expndtw-20 *}m{\expndtw-20 *}n and Obstfeld (19
97, pp. {\expndtw-20 *}2-3) discu{\expndtw-20 *}s Ba{\expndtw-20 *}a{\expndtw-20
*}{\expndtw-20 *}a's findings, while Ethier
\plain\par
\pard\sl-219 \li4 \ri34 \expndtw-1 \f20 \fs18 \cf1 (1995, pp. {\expndtw-20 *}0-3
) d{\expndtw-20 *}sc{\expndtw-20 *}sses MacDo{\expndtw-20 *}gall's results.
\plain\expndtw8 \f20 \fs18 \cf1 2. The {\expndtw-20 *}ame analysis appli{\expndt
w-20 *}s when the number of cou{\expndtw-20 *}tries is different fro{\expndtw-20
*} th{\expndtw-20 *} num{\expndtw-20 *}er of
\plain\expndtw3 \f20 \fs18 \cf1 goods. The symmetric ca{\expndtw-20 *}e is used
for simplicity of ex{\expndtw-20 *}osition, as in Jon{\expndtw-20 *}{\expndtw-20
*} (1961).
\plain\expndtw2 \f20 \fs18 \cf1 3. In Krugma{\expndtw-20 *}'{\expndtw-20 *} {\ex
pndtw-20 *}odel, specific factor endowments drive {\expndtw-20 *}nterindustry tr
ade, but the model can
\plain\expndtw3 \f20 \fs18 \cf1 b{\expndtw-20 *} amended easily t{\expndtw-20 *}
include dif{\expndtw-20 *}er{\expndtw-20 *}nce{\expndtw-20 *} in technolog{\exp
ndtw-20 *}.
\plain\expndtw5 \f20 \fs18 \cf1 4. The failure of wage {\expndtw-20 *}ates to co
nver{\expndtw-20 *}{\expndtw-20 *} acros{\expndtw-20 *} c{\expndtw-20 *}{\expndt
w-20 *}ntries despi{\expndtw-20 *}{\expndtw-20 *} h{\expndtw-20 *}gh {\expndtw-2
0 *}{\expndtw-20 *}d rising internat{\expndtw-20 *}onal
\plain\expndtw3 \f20 \fs18 \cf1 capital mobi{\expndtw-20 *}i{\expndtw-20 *}y is
{\expndtw-20 *}ome{\expndtw-20 *}h{\expndtw-20 *}ng of {\expndtw-20 *} puzzle. S
ee Bardhan (1{\expndtw-20 *}9{\expndtw-20 *}) for a {\expndtw-20 *}is{\expndtw-2
0 *}uss{\expndtw-20 *}on of this {\expndtw-20 *}uzzle and
\plain\expndtw1 \f20 \fs18 \cf1 po{\expndtw-20 *}sible expl{\expndtw-20 *}nation
s.
\plain\expndtw3 \f20 \fs18 \cf1 5. See also C{\expndtw-20 *}ves {\expndtw-20 *}t
al. (1996, se{\expndtw-20 *}tion 9.4).
\plain\expndtw4 \f20 \fs18 \cf1 {\expndtw-20 *}. Dollar and Wo{\expndtw-20 *}ff

(19{\expndtw-20 *}3, {\expndtw-20 *}h. 7) is a partial e{\expndtw-20 *}cept{\exp

ndtw-20 *}on, but their focus is more on {\expndtw-20 *}o{\expndtw-20 *}vergence
\plain\expndtw6 \f20 \fs18 \cf1 of trade {\expndtw-20 *}atterns across co{\expnd
tw-20 *}ntries {\expndtw-20 *}han expl{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20
*}{\expndtw-20 *}ng {\expndtw-20 *}he sec{\expndtw-20 *}{\expndtw-20 *}ral p{\e
xpndtw-20 *}ttern o{\expndtw-20 *} trade. Golub ({\expndtw-20 *}994)
\plain\expndtw5 \f20 \fs18 \cf1 used a Ricar{\expndtw-20 *}ia{\expndtw-20 *} f{\
expndtw-20 *}amewo{\expndtw-20 *}k to a{\expndtw-20 *}a{\expndtw-20 *}yze sec{\e
xpndtw-20 *}oral tr{\expndtw-20 *}d{\expndtw-20 *} for the {\expndtw-20 *}even m
aj{\expndtw-20 *}r i{\expndtw-20 *}dust{\expndtw-20 *}ia{\expndtw-20 *} countri{
\expndtw-20 *}s,
\plain\expndtw2 \f20 \fs18 \cf1 but th{\expndtw-20 *} focus there {\expndtw-20 *
}as mostly on {\expndtw-20 *}{\expndtw-20 *}m{\expndtw-20 *} seri{\expndtw-20 *}
s, whereas in th{\expndtw-20 *}s p{\expndtw-20 *}p{\expndtw-20 *}r we h{\expndtw
-20 *}ve a mu{\expndtw-20 *}{\expndtw-20 *} richer cro{\expndtw-20 *}s\plain\expndtw2 \f20 \fs18 \cf1 sectio{\expndtw-20 *}al {\expndtw-20 *}ataset.
\plain\expndtw6 \f20 \fs18 \cf1 7. See s{\expndtw-20 *}c{\expndtw-20 *}io{\expnd
tw-20 *} 3 {\expndtw-20 *}nd an un{\expndtw-20 *}ubli{\expndtw-20 *}he{\expndtw20 *} appendix {\expndtw-20 *}vailable fro{\expndtw-20 *} {\expndtw-20 *}h{\expn
dtw-20 *} {\expndtw-20 *}{\expndtw-20 *}thors {\expndtw-20 *}or a desc{\expndtw20 *}i{\expndtw-20 *}{\expndtw-20 *}{\expndtw-20 *}on of
\plain\expndtw4 \f20 \fs18 \cf1 the sourc{\expndtw-20 *}s and methods of {\expnd
tw-20 *}omputing sect{\expndtw-20 *}ral p{\expndtw-20 *}oduct{\expndtw-20 *}vity
in {\expndtw-20 *}his paper. {\expndtw-20 *}o{\expndtw-20 *}e {\expndtw-20 *}ha
t {\expndtw-20 *}h{\expndtw-20 *}se me{\expndtw-20 *}\plain\expndtw3 \f20 \fs18 \cf1 {\expndtw-20 *}ures of p{\expndtw-20 *}odu{\expn
dtw-20 *}tivity do not a{\expndtw-20 *}{\expndtw-20 *}ust for ho{\expndtw-20 *}r
s worked. Since hours are longer in {\expndtw-20 *}apan and shorter
\plain\expndtw6 \f20 \fs18 \cf1 in Germany tha{\expndtw-20 *} i{\expndtw-20 *} t
he United States, such a{\expndtw-20 *} ad{\expndtw-20 *}{\expndtw-20 *}stment w
ould {\expndtw-20 *}o{\expndtw-20 *}er Japanese productivity
\plain\expndtw3 \f20 \fs18 \cf1 and raise German productivity.
\plain\expndtw2 \f20 \fs18 \cf1 8. S{\expndtw-20 *}e Bowen et al. ({\expndtw-20
*}9{\expndtw-20 *}7), for exampl{\expndtw-20 *}. {\expndtw-20 *}re{\f63 \u64258\
'3f}er (19{\expndtw-20 *}3, 199{\expndtw-20 *}) c{\expndtw-20 *}{\expndtw-20 *}i
ms that the inclu{\expndtw-20 *}ion of n{\expndtw-20 *}utral
\plain\expndtw7 \f20 \fs18 \cf1 techn{\expndtw-20 *}l{\expndtw-20 *}gic{\expndtw
-20 *}l progre{\expndtw-20 *}s g{\expndtw-20 *}eatly improves t{\expndtw-20 *}e
pe{\expndtw-20 *}f{\expndtw-20 *}{\expndtw-20 *}m{\expndtw-20 *}nce {\expndtw-20
*}{\expndtw-20 *} {\expndtw-20 *}{\expndtw-20 *}e neoclassica{\expndtw-20 *} m{
\expndtw-20 *}del, but his
\plain\expndtw4 \f20 \fs18 \cf1 evide{\expndtw-20 *}ce is indirect, si{\expndtw20 *}ce {\expndtw-20 *}e does {\expndtw-20 *}o{\expndtw-20 *} directly measur{\e
xpndtw-20 *} differences {\expndtw-20 *}n t{\expndtw-20 *}{\expndtw-20 *}hnology
, but assum{\expndtw-20 *}s
\plain\expndtw-2 \f20 \fs18 \cf1 them.
\plain\par
\sl-107\fs11\par\sl-240\fs24\par\pard\pard\sl-120 \li4 \ri34 \fi5719 \expndtw1 \
f20 \fs12 \cf1 Blackw{\expndtw-20 *}ll Publisher{\expndtw-20 *} Ltd 2000
\par
\sect\sectd\sbkpage\margtsxn380\pard
\jexpand\viewkind1\paperw9520\paperh13940
{\shp
{\*\shpinst\shpleft0\shptop0\shpright9523\shpbottom13939
\shpfhdr0\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz0
{\sp{\sn shapeType}{\sv 75}}
{\sp{\sn pib}{\sv {\pict\jpegblip\picw476 \pich696
\picwgoal9523 \pichgoal13939

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51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400

51451400514514005145140051451400514514005145140051451400514514005145140051451400
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51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451400514514005145140051451400
51451400514514005145140051451400514514005145140051451401ffd9
}}}
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\plain\pard\sl-219 \li4 \ri3916 \expndtw-19 \f20 \fs20 \cf1 234
\plain\tx501 \tab \expndtw2 \i \f20 \fs18 \cf1 Ste{\expndtw-20 *}hen S. Golub an
d Ch{\expndtw-20 *}ng-Tai Hsieh
\par
\plain\sl-206\fs21\par\pard\pard\sl-219 \li4 \ri35 \expndtw6 \f20 \fs18 \cf1 9.
{\expndtw-20 *}he OE{\expndtw-20 *}D {\expndtw-20 *}TAN da{\expndtw-20 *}abase p
rov{\expndtw-20 *}des data for most O{\expndtw-20 *}CD countries, i{\expndtw-20
*}{\expndtw-20 *}lu{\expndtw-20 *}ing M{\expndtw-20 *}xico and
\plain\expndtw6 \f20 \fs18 \cf1 South Ko{\expndtw-20 *}ea, on most of the variab
{\expndtw-20 *}{\expndtw-20 *}s needed {\expndtw-20 *}o perfo{\expndtw-20 *}m th

e te{\expndtw-20 *}ts. For 49 sectors, the STAN

\plain\expndtw5 \f20 \fs18 \cf1 d{\expndtw-20 *}tabase inc{\expndtw-20 *}ud{\exp
ndtw-20 *}s: exports and imp{\expndtw-20 *}rts, v{\expndtw-20 *}lue added by sec
tor (in curr{\expndtw-20 *}n{\expndtw-20 *} an{\expndtw-20 *} {\expndtw-20 *}{\e
xpndtw-20 *}nstant {\expndtw-20 *}rice{\expndtw-20 *}),
\plain\expndtw10 \f20 \fs18 \cf1 number of persons e{\expndtw-20 *}ga{\expndtw-2
0 *}ed, and total {\expndtw-20 *}a{\expndtw-20 *}ional-accounts-compatibl{\expnd
tw-20 *} labor com{\expndtw-20 *}en{\expndtw-20 *}{\expndtw-20 *}ti{\expndtw-20
*}n,
\plain\expndtw1 \f20 \fs18 \cf1 {\expndtw-20 *}970-93. Thus, we ar{\expndtw-20 *
} a{\expndtw-20 *}le {\expndtw-20 *}o {\expndtw-20 *}alculate labor productivity
(real v{\expndtw-20 *}lue added p{\expndtw-20 *}r person {\expndtw-20 *}{\expnd
tw-20 *}gaged),
\plain\expndtw4 \f20 \fs18 \cf1 compe{\expndtw-20 *}sat{\expndtw-20 *}on per {\e
xpndtw-20 *}mploy{\expndtw-20 *}e, and unit labor costs for e{\expndtw-20 *}ch o
f th{\expndtw-20 *} se{\expndtw-20 *}tors, and relate the {\expndtw-20 *}atter t
o
\plain\expndtw4 \f20 \fs18 \cf1 trade {\f63 \u64258\'3f}ow{\expndtw-20 *}. Detai
ls on sources and me{\expndtw-20 *}hods are available from the a{\expndtw-20 *}t
{\expndtw-20 *}ors on request.
\plain\expndtw5 \f20 \fs18 \cf1 10. An{\expndtw-20 *}t{\expndtw-20 *}er {\expndt
w-20 *}dvant{\expndtw-20 *}ge of including bilatera{\expndtw-20 *} trade is that
we are {\expndtw-20 *}b{\expndtw-20 *}e to u{\expndtw-20 *}e {\expndtw-20 *}he
full 49-sect{\expndtw-20 *}r
\plain\expndtw4 \f20 \fs18 \cf1 STAN sa{\expndtw-20 *}ple. The {\expndtw-20 *}TD
, our {\expndtw-20 *}o{\expndtw-20 *}rce for bilate{\expndtw-20 *}al {\expndtw-2
0 *}r{\expndtw-20 *}de da{\expndtw-20 *}a, disaggregate{\expndtw-20 *} int{\expn
dtw-20 *} only 26 sect{\expndtw-20 *}rs.
\plain\expndtw6 \f20 \fs18 \cf1 11. Bi{\expndtw-20 *}a{\expndtw-20 *}eral tr{\ex
pndtw-20 *}de {\expndtw-20 *}f K{\expndtw-20 *}rea and Mex{\expndtw-20 *}c{\expn
dtw-20 *} with O{\expndtw-20 *}C{\expndtw-20 *} c{\expndtw-20 *}untr{\expndtw-20
*}es is {\expndtw-20 *}vaila{\expndtw-20 *}le in {\expndtw-20 *}TD at the 26\plain\expndtw5 \f20 \fs18 \cf1 sect{\expndtw-20 *}r lev{\expndtw-20 *}l, bu{\ex
pndtw-20 *} total Ko{\expndtw-20 *}ean {\expndtw-20 *}nd Mex{\expndtw-20 *}can e
{\expndtw-20 *}por{\expndtw-20 *}{\expndtw-20 *} and import{\expndtw-20 *} a{\ex
pndtw-20 *}e not available.
\plain\expndtw3 \f20 \fs18 \cf1 12. Bhagw{\expndtw-20 *}ti (1964) objec{\expndtw
-20 *}{\expndtw-20 *}d to the la{\expndtw-20 *}k of theore{\expndtw-20 *}ic{\exp
ndtw-20 *}l justification {\expndtw-20 *}o{\expndtw-20 *} the u{\expndtw-20 *}e
of {\expndtw-20 *}xport ratios.
\plain\expndtw5 \f20 \fs18 \cf1 1{\expndtw-20 *}. Balassa al{\expndtw-20 *}o {\e
xpndtw-20 *}onsid{\expndtw-20 *}red {\expndtw-20 *}{\expndtw-20 *}lat{\expndtw-2
0 *}ve wages but found that thi{\expndtw-20 *} {\expndtw-20 *}dded litt{\expndtw
-20 *}e {\expndtw-20 *}xp{\expndtw-20 *}anatory pow{\expndtw-20 *}r,
\plain\expndtw4 \f20 \fs18 \cf1 with wages {\expndtw-20 *}av{\expndtw-20 *}n{\ex
pndtw-20 *} {\expndtw-20 *}he wro{\expndtw-20 *}g sig{\expndtw-20 *}. MacDougall
ex{\expndtw-20 *}mined relative unit labor c{\expndtw-20 *}sts for a {\expndtw20 *}ubset
\plain\expndtw0 \f20 \fs18 \cf1 of his sample.
\plain\expndtw4 \f20 \fs18 \cf1 14. See Hooper a{\expndtw-20 *}d Vr{\expndtw-20
*}nkovich (1997) for a {\expndtw-20 *}etail{\expndtw-20 *}{\expndtw-20 *} dis{\e
xpndtw-20 *}{\expndtw-20 *}ssion of this issue. See also Ho{\expndtw-20 *}per
\plain\expndtw3 \f20 \fs18 \cf1 a{\expndtw-20 *}d Larin (1989) and Maskus ({\exp
ndtw-20 *}9{\expndtw-20 *}1).
\plain\expndtw6 \f20 \fs18 \cf1 15. The bes{\expndtw-20 *}-know{\expndtw-20 *} a
n{\expndtw-20 *} most wid{\expndtw-20 *}l{\expndtw-20 *} used PPPs a{\expndtw-20
*}e t{\expndtw-20 *}e exp{\expndtw-20 *}ndit{\expndtw-20 *}r{\expndtw-20 *} {\e
xpndtw-20 *}PPs (EP{\expndtw-20 *}{\expndtw-20 *}s) for disag\plain\expndtw9 \f20 \fs18 \cf1 gregated {\expndtw-20 *}omp{\expndtw-20 *}nents
of expend{\expndtw-20 *}ture on gross domesti{\expndtw-20 *} product produced b{

\expndtw-20 *} the Heston\plain\expndtw6 \f20 \fs18 \cf1 {\expndtw-20 *}umme{\expndtw-20 *}s In{\expndtw20 *}erna{\expndtw-20 *}ional Co{\expndtw-20 *}paris{\expndtw-20 *}n Pr{\expndtw
-20 *}jec{\expndtw-20 *} (ICP). These EPP{\expndtw-20 *}s are {\expndtw-20 *}{\e
xpndtw-20 *}w ava{\expndtw-20 *}lab{\expndtw-20 *}e for a wid{\expndtw-20 *}
\plain\expndtw7 \f20 \fs18 \cf1 ran{\expndtw-20 *}{\expndtw-20 *} of countries a
nd at a hi{\expndtw-20 *}h level of d{\expndtw-20 *}sag{\expndtw-20 *}regat{\exp
ndtw-20 *}on (W{\expndtw-20 *}r{\expndtw-20 *}d B{\expndtw-20 *}nk, 1993). Unfo{
\expndtw-20 *}tunately,
\plain\expndtw4 \f20 \fs18 \cf1 h{\expndtw-20 *}wever, {\expndtw-20 *}hese E{\ex
pndtw-20 *}PPs are not ideal for m{\expndtw-20 *}asu{\expndtw-20 *}ing differenc
es in outpu{\expndtw-20 *} pr{\expndtw-20 *}ces, o{\expndtw-20 *}in{\expndtw-20
*} to diff{\expndtw-20 *}r\plain\expndtw5 \f20 \fs18 \cf1 ence{\expndtw-20 *} bet{\expndtw-20 *}ee{\expndt
w-20 *} {\expndtw-20 *}xpenditure and output pri{\expndtw-20 *}es by s{\expndtw20 *}c{\expndtw-20 *}o{\expndtw-20 *}. One remedy, r{\expndtw-20 *}cently implem
ente{\expndtw-20 *} by
\plain\expndtw3 \f20 \fs18 \cf1 Jorgen{\expndtw-20 *}on and Kuro{\expndtw-20 *}a
(1990) {\expndtw-20 *}{\expndtw-20 *}d Hoop{\expndtw-20 *}r and {\expndtw-20 *}
rankovi{\expndtw-20 *}h (1{\expndtw-20 *}97), is to a{\expndtw-20 *}just E{\expn
dtw-20 *}PP{\expndtw-20 *} {\expndtw-20 *}{\expndtw-20 *}r at lea{\expndtw-20 *}
t
\plain\expndtw2 \f20 \fs18 \cf1 some {\expndtw-20 *}f these vari{\expndtw-20 *}u
s factors. This is a di{\expndtw-20 *}ficult u{\expndtw-20 *}dertaking a{\expndt
w-20 *} a disaggreg{\expndtw-20 *}ted level, and efforts
\plain\expndtw4 \f20 \fs18 \cf1 so far ha{\expndtw-20 *}e be{\expndtw-20 *}n lim
ited to the m{\expndtw-20 *}jor indust{\expndtw-20 *}ial countr{\expndtw-20 *}es
. An alterna{\expndtw-20 *}ive output-bas{\expndtw-20 *}d app{\expndtw-20 *}oach
\plain\expndtw4 \f20 \fs18 \cf1 inv{\expndtw-20 *}lves computation of u{\expndtw
-20 *}it-v{\expndtw-20 *}lue rati{\expndtw-20 *}s by dividing the value of outpu
t by th{\expndtw-20 *} quantities pro\plain\expndtw4 \f20 \fs18 \cf1 duced {\expndtw-20 *}{\expndtw-20 *} a h{\expndt
w-20 *}gh{\expndtw-20 *}y dis{\expndtw-20 *}ggregated level. This approach h{\ex
pndtw-20 *}s been a{\expndtw-20 *}o{\expndtw-20 *}ted recent{\expndtw-20 *}y by
the Interna\plain\expndtw9 \f20 \fs18 \cf1 tional Com{\expndtw-20 *}a{\expndtw-20 *}ison of
Output and Productivity ({\expndtw-20 *}COP) {\expndtw-20 *}t th{\expndtw-20 *}
Univer{\expndtw-20 *}ity of Gron{\expndtw-20 *}ngen (se{\expndtw-20 *}
\plain\expndtw5 \f20 \fs18 \cf1 Madd{\expndtw-20 *}{\expndtw-20 *}on and van Ark
(1994) {\expndtw-20 *}or a sur{\expndtw-20 *}ey). ICOP ha{\expndtw-20 *} genera
te{\expndtw-20 *} d{\expndtw-20 *}ta{\expndtw-20 *}{\expndtw-20 *}ed manu{\expnd
tw-20 *}{\expndtw-20 *}ct{\expndtw-20 *}ring {\expndtw-20 *}PPs
\plain\expndtw6 \f20 \fs18 \cf1 for a{\expndtw-20 *}out 15 countries. For th{\ex
pndtw-20 *} p{\expndtw-20 *}rposes {\expndtw-20 *}f comparing manufa{\expndtw-20
*}turing productivity, the ICOP
\plain\expndtw5 \f20 \fs18 \cf1 m{\expndtw-20 *}as{\expndtw-20 *}res seem prefer
able to the una{\expndtw-20 *}justed EPPPs f{\expndtw-20 *}om ICP, but th{\expnd
tw-20 *}y h{\expndtw-20 *}ve sig{\expndtw-20 *}ificant disad\plain\expndtw3 \f20 \fs18 \cf1 vantages too. Fu{\expndtw-20 *}ther {\expndtw-20
*}eta{\expndtw-20 *}ls a{\expndtw-20 *}e available {\expndtw-20 *}n an appendix
available from the a{\expndtw-20 *}thors {\expndtw-20 *}n requ{\expndtw-20 *}st
.
\plain\expndtw4 \f20 \fs18 \cf1 16. Ga{\expndtw-20 *}n{\expndtw-20 *}n and {\exp
ndtw-20 *}ose (1995) demonst{\expndtw-20 *}ate {\expndtw-20 *}{\expndtw-20 *}e s
t{\expndtw-20 *}ong p{\expndtw-20 *}rsistence o{\expndtw-20 *} th{\expndtw-20 *}
pat{\expndtw-20 *}ern of bilateral t{\expndtw-20 *}ade
\plain\expndtw4 \f20 \fs18 \cf1 balances {\expndtw-20 *}ve{\expndtw-20 *} for hi
ghly d{\expndtw-20 *}sag{\expndtw-20 *}reg{\expndtw-20 *}ted trade data.
\plain\expndtw3 \f20 \fs18 \cf1 17. We also {\expndtw-20 *}stima{\expndtw-20 *}e

d the e{\expndtw-20 *}u{\expndtw-20 *}ti{\expndtw-20 *}ns allowing the coefficie

nt {\expndtw-20 *}n rel{\expndtw-20 *}t{\expndtw-20 *}ve u{\expndtw-20 *}it {\ex
pndtw-20 *}abor co{\expndtw-20 *}ts to {\expndtw-20 *}ary
\plain\expndtw3 \f20 \fs18 \cf1 across yea{\expndtw-20 *}s. For every country pa
ir, we {\expndtw-20 *}{\expndtw-20 *}re not {\expndtw-20 *}{\expndtw-20 *}le {\e
xpndtw-20 *}o reje{\expndtw-20 *}t the null that the coefficients are
\plain\expndtw5 \f20 \fs18 \cf1 the sa{\expndtw-20 *}e over {\expndtw-20 *}ea{\e
xpndtw-20 *}s. Thus, in t{\expndtw-20 *}e results pre{\expndtw-20 *}ented be{\ex
pndtw-20 *}ow, we con{\expndtw-20 *}t{\expndtw-20 *}ai{\expndtw-20 *} th{\expndt
w-20 *} coefficient on un{\expndtw-20 *}t
\plain\expndtw4 \f20 \fs18 \cf1 labor {\expndtw-20 *}{\expndtw-20 *}st to be equ
{\expndtw-20 *}l ove{\expndtw-20 *} {\expndtw-20 *}ime.
\plain\expndtw3 \f20 \fs18 \cf1 18. The\i R\i0 \up4 \fs10 2\up0 \fs18 is es{\e
xpndtw-20 *}i{\expndtw-20 *}ated f{\expndtw-20 *}{\expndtw-20 *} each year base{
\expndtw-20 *} on the cons{\expndtw-20 *}rai{\expndtw-20 *}ed SUR fitt{\expndtw20 *}d equation for all years,
\plain\expndtw4 \f20 \fs18 \cf1 which i{\expndtw-20 *} part of the reason {\expn
dtw-20 *}or th{\expndtw-20 *} low v{\expndtw-20 *}{\expndtw-20 *}ue{\expndtw-20
*}. But t{\expndtw-20 *}{\expndtw-20 *}\i R\i0 \up4 \fs10 2\up0 \fs18 {\expndt
w-20 *}re also quite lo{\expndtw-20 *} for individua{\expndtw-20 *} year
\plain\expndtw2 \f20 \fs18 \cf1 O{\expndtw-20 *}S r{\expndtw-20 *}gression{\expn
dtw-20 *} {\expndtw-20 *}n m{\expndtw-20 *}st cas{\expndtw-20 *}s.
\plain\expndtw1 \f20 \fs18 \cf1 {\expndtw-20 *}9. B{\expndtw-20 *}las{\expndtw-2
0 *}a's\i R\i0 \up4 \fs10 2\up0 \fs18 range from 0.6 to 0.8 depending on the s
p{\expndtw-20 *}cification {\expndtw-20 *}f the e{\expndtw-20 *}uat{\expndtw-20
*}on. Ste{\expndtw-20 *}n's\i {\expndtw-20 *}\i0 \up4 \fs10 2
\plain\expndtw1 \f20 \fs18 \cf1 vary from 0.4 {\expndtw-20 *}o 0.5.
\plain\expndtw6 \f20 \fs18 \cf1 20. Wh{\expndtw-20 *}n the independent va{\expnd
tw-20 *}iable is {\expndtw-20 *}ontempor{\expndtw-20 *}neo{\expndtw-20 *}s rathe
r t{\expndtw-20 *}an {\expndtw-20 *}agged, Italy also has th{\expndtw-20 *}
\plain\expndtw6 \f20 \fs18 \cf1 wrong sign. On the othe{\expndtw-20 *} ha{\expnd
tw-20 *}d, the resu{\expndtw-20 *}ts for Australia, France, {\expndtw-20 *}nd th
{\expndtw-20 *} UK are {\expndtw-20 *}ette{\expndtw-20 *} {\expndtw-20 *}hen
\plain\expndtw5 \f20 \fs18 \cf1 the ind{\expndtw-20 *}pendent variable is {\expn
dtw-20 *}ontem{\expndtw-20 *}oraneous.
\plain\expndtw8 \f20 \fs18 \cf1 21. Dollar a{\expndtw-20 *}d W{\expndtw-20 *}{\e
xpndtw-20 *}ff (1993) doc{\expndtw-20 *}ment this ten{\expndtw-20 *}ency towards
c{\expndtw-20 *}{\expndtw-20 *}vergenc{\expndtw-20 *} of product{\expndtw-20 *}
vity,
\plain\expndtw4 \f20 \fs18 \cf1 although they find that it is less p{\expndtw-20
*}onounc{\expndtw-20 *}d at the sectoral le{\expndtw-20 *}el t{\expndtw-20 *}an
at the {\expndtw-20 *}ggregate level.
\plain\par
\sl-131\fs13\par\sl-240\fs24\par\par\par\par\par\par\pard\pard\sl-120 \li4 \ri35
\expndtw1 \f20 \fs12 \cf1 Bl{\expndtw-20 *}ckwel{\expndtw-20 *} Publishe{\expnd
tw-20 *}s Ltd 2000
\par
}