The postwar expansion of trade among the industrial countries has not had the strong distributional effects which … standard models of trade would have led us to expect. This paper develops a model which attempts to explain this observation …, while at the same time making sense of some other puzzling empirical aspects of world trade. The basis of the model is a …

dollar from 1980 to 1985 - may shift historical relationships between exchange rates and trade flows. We begin with partial … returns to its previous level. When we develop a simple model of the feedback from "hysteresis" in trade to the exchange rate … in the exchange rate consistent with trade balance …

The postwar expansion of trade among the industrial countries has not had the strong distributional effects which … standard models of trade would have led us to expect. This paper develops a model which attempts to explain this observation …, while at the same time making sense of some other puzzling empirical aspects of world trade. The basis of the model is a …

dollar from 1980 to 1985 - may shift historical relationships between exchange rates and trade flows. We begin with partial … returns to its previous level. When we develop a simple model of the feedback from "hysteresis" in trade to the exchange rate … in the exchange rate consistent with trade balance …