Technology, factor supplies, and international specialization
Subtitle: estimating the neoclassical model
By: James Harrigan
Contributors: Federal Reserve Bank of New York
Series: Staff reports -- no. 15; Staff reports (Federal Reserve Bank of New York : Online) -- no. 15.
Publisher: Federal Reserve Bank of New York
Published: 1996
Place of publication: New York, N.Y.]
Language: eng
Format: Electronic resource
Subjects: Economic specialization; Econometric models; Economic aspects; International trade; Neoclassical school of economics; Technology; Factor proportions
Description: "The standard neoclassical model of trade theory predicts that international specialization will be jointly determined by cross-country differences in relative factor endowments and relative technology levels.  This paper uses economic theory to specify an empirical model of specialization consistent with the neoclassical explanation.  According to the empirical model, a sector's share in GDP depends on both relative factor supplies and relative technology differences, and the estimated parameters of the model have a close and clear connection to theoretical parameters.  The model is estimated for manufacturing sectors using a twenty-year, ten-country panel of data on the industrialized countries.  Relative technology levels and factor supplies are both found to be an important determinant of specialization"--Federal Reserve Bank of New York web site.
Notes: Title from PDF file as viewed on 1/31/2005.

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