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Short Run Gravity

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  • James E. Anderson
  • Yoto V. Yotov

Abstract

Short run gravity is a geometric weighted average of long run gravity and bilateral capacity. The model features (i) joint trade costs endogenous to bilateral volumes, (ii) long run gravity as a limiting case of effcient investment in bilateral capacities, (iii) a structural ratio of short run to long run trade elasticities equal to a microfounded buyers’ incidence elasticity, and (iv) tractable short and long run models of the extensive margin. Application to manufacturing trade of 52 countries during the globalization period 1988-2006 strongly supports the model. Results solve several time invariance and trade elasticity puzzles in the literature.

Suggested Citation

  • James E. Anderson & Yoto V. Yotov, 2017. "Short Run Gravity," CESifo Working Paper Series 6502, CESifo.
    • Handle: RePEc:ces:ceswps:_6502
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    13. Luckstead, Jeff & Devadoss, Stephen, 2021. "The Effects of COVID-19-Induced Global Economic Recession on Processed Food Trade," 2021 Conference, August 17-31, 2021, Virtual 315856, International Association of Agricultural Economists.
    14. James E. Anderson & Penglong Zhang, 2020. "Latent Exports: Almost Ideal Gravity and Zeros," Boston College Working Papers in Economics 1020, Boston College Department of Economics.
    15. Jia Chen Author-Name-First: Jia & Yongcheol Shin & Chaowen Zheng, 2023. "Dynamic Quantile Panel Data Models with Interactive Effects," Economics Discussion Papers em-dp2023-06, Department of Economics, University of Reading.
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    More about this item

    Keywords

    trade elasticity puzzles; export dynamics; missing globalization;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions

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