The authors give a simple, constructive proof that the lens condition implies the factor price equalization condition when there are only two factors. Taking stock of the conditions under which the lens condition is equivalent to the factor price equalization condition, there are the conditions...

We give a simple, constructive proof that the lens condition implies the factor-price equalization condition, when there are only two factors. Taking stock of the sufficient conditions under which the lens condition implies the FPE condition, we have the conditions of two factors or two goods or...

We give two procedures for determining whether efficient Pareto improving local changes are possible. When they are, the procedures compute for them. Any procedure generating efficient and Pareto improving changes can be replicated by these procedures. The two programs form a striking duality....

We introduce technological differences in a Heckscher-Ohlin model and study how the technology and endowment differences interact to determine the effects of trade on factor prices. When the endowment effect is dominant in determining the autarky relative factor prices, the relative factor...

Many previously-nontraded services have become tradable (or are expected to become so) as a result of the technological advances in information technology. That has raised concerns about the future of U.S. jobs and workers' incomes. However, a review of the evidence shows that the current extent...

Recent technological advances have made it economical to import some services that were not so previously, raising concerns about the future of U.S. jobs and workers' incomes. However, the current extent of service offshoring is very modest, both as a share of GDP and in terms of its...

This paper is motivated by the surprising rapid growth of new light-vehicle sales in Turkey in 2015. Domestic sales grew 25%, dramatically surpassing the industry estimates of around 8%. Our approach is to inform the sales trend estimate with the information obtained from the light-vehicle stock...

The aim of this paper is to find out whether there is exuberance in regional house prices in Turkey. For this purpose, we analyze real hedonic house prices and price to rent ratios countrywide as well as for 26 geographic regions at the NUTS2 level from January 2010 to January 2019. We perform...

This paper examines how multivariate time-series models might be used to project output over the medium term—that is, over a 10-year span. Fairly simple time-series models are known to yield short-term forecasts comparable in accuracy with those of large-scale macroeconometric models. Could...