The elasticity of trade: Estimates and evidence
开发了一种新的模拟矩估计方法，从价格和贸易流数据中估计贸易弹性，发现弹性约为4，比传统方法低近50%，使贸易福利收益翻倍。
Quantitative results from a large class of structural gravity models of international trade depend critically on the elasticity of trade with respect to trade frictions. We develop a new simulated method of moments estimator to estimate this elasticity from disaggregate price and trade-flow data and we use it within Eaton and Kortum's (2002) Ricardian model. We apply our estimator to disaggregate price and trade-flow data for 123 countries in the year 2004. Our method yields a trade elasticity of roughly four, nearly fifty percent lower than Eaton and Kortum's (2002) approach. This difference doubles the welfare gains from international trade. © 2013 Elsevier B.V.