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This paper calls into question the currently most influential model of international trade. An empirical finding by Trefler (2004, AER) and others that industrial productivity increases more strongly in liberalized industries than in non-liberalized industries has been widely accepted as...
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The CLASS model is a top-down capital stress testing framework that projects the effect of different macroeconomic … industry capital gap relative to a target ratio at different points in time under a common stressful macroeconomic scenario …. This estimated capital gap began rising four years before the financial crisis and peaked at the end of 2008. The gap has …
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