Hicksian measure). The distinction between the two measures is important to the extent that trade patterns are inconsistent …

aggregate industry level of 96 industries indicating that there is sufficient growth in demand in other industries within these …

both samples that the effect of currency unions on trade is large, almost a doubling; currency unions are associated with … trade creation, increase price co-movements among members, and make trade more stable; and longer duration of currency union …

subject to random shocks affecting endowments, the terms of trade, and the real interest rate. Equilibrium stochastic … mimics the Harberger-Laursen-Metzler effect, but cannot account for a countercyclical trade balance, the variability of the … real exchange rate, and the income elasticity of imports. The results also show that the correlation between the trade …