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Trade Effects of the Euro: a Comparison of Estimators

Author

Listed:
  • Baldwin, Richard

    (Graduate Institute of International Studies)

Abstract

This paper provides a minimalist derivation of the gravity equation and uses it to identify three common errors in the literature, what we call the gold, silver and bronze medal errors. The paper provides estimates of the size of the biases taking the currency union trade effect as an example. We argue that the best estimator involves time-varying country dummies, a time dummy and time-invariant pair dummies.

Suggested Citation

  • Baldwin, Richard, 2007. "Trade Effects of the Euro: a Comparison of Estimators," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 22, pages 780-818.
    • Handle: RePEc:ris:integr:0415
    as

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    More about this item

    Keywords

    Trade; Euro; Gravity;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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