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1940 as panel data with almost seven hundred observations. When shorter run business cycles and long swings' are extracted … from the panel data, substitutability is soundly rejected. When secular relationships are extracted over longer time …
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1940 as panel data with almost seven hundred observations. When shorter run business cycles and long swings' are extracted … from the panel data, substitutability is soundly rejected. When secular relationships are extracted over longer time …
Persistent link: https://www.econbiz.de/10012472755
Trade theorists have come to understand that their theory is ambiguous on the question : are trade and factor flows substitutes? While this sounds like an open invitation for empirical research, hardly any serious econometric work has appeared in the literature. This paper uses history to fill...
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