Fazio, Giorgio (contributor); MacDonald, Ronald (contributor) - 2007
Obstfeld and Rogoff (2000) that trade
costs are the key to explaining the so-called Feldstein-Horioka puzzle. Our approach has … mobility. In a recent provocative paper, Obstfeld and Rogoff (2000)
propose trade costs as the explanation for not only this … annual observations over 1980-2000 inclusively covering im-
ports of 134 countries from 154 countries (see the data appendix …