In this timely volume emanating from the National Bureau of Economic Research's program in international economics, leading economists address recent developments in three important areas. The first section of the book focuses on international comparisons of output and prices, and includes...

Contents: 1. International trade and transportation: an introduction / Bruce A. Blonigen and Wesley W. Wilson -- Part I -- Modeling and estimating international trade patterns -- 2. Gravity, distance, and international trade / Scott L. Baier, Amanda Kerr and Yoto V. Yotov -- 3. International...

"Empirical studies of bilateral foreign direct investment (FDI) activity show substantial differences in specifications with little agreement on the set of covariates that are (or should be) included. We use Bayesian statistical techniques that allow one to select from a large set of candidates...