Multinational Corporations and Trade Structure
构建了一个包含横向和纵向一体化企业的模型，并将其嵌入贸易国的一般均衡框架中，分析要素禀赋差异如何催生跨国公司，以及产业间、产业内和公司内贸易如何共存，尤其关注公司内无形贸易（总部服务和中间投入）的结构决定因素。
First, a model of horizontally and vertically integrated firms is developed. These firms are then embedded in a general equilibrium model of trading countries. It is shown how multinational corporations emerge as a result of differences across countries in factor compositions. Intersectoral, intraindustry, and intrafirm trade can coexist, and intrafirm trade takes place in invisibles (headquarter services) and intermediate inputs. It is shown how the various trade components depend on the structure of the world economy. The model predicts trade patterns which are close to observed trade patterns.