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  1. The gravity model for international trade: Specification and estimation issues in the prevalence of zero flows

    Krisztin, Tamás; Fischer, Manfred M.
    The gravity model for international trade is one of the most successful empirical models in trade literature. There is a long tradition to log-linearise the multiplicative model and to estimate the parameters of interest by least squares. But this practice is inappropriate for several reasons. First of all, bilateral trade flows are frequently zero and disregarding countries that do not trade with each other produces biased results. Second, log-linearisation in the presence of heteroscedasticity leads to inconsistent estimates in general. In recent years, the Poisson gravity model along with pseudo maximum likelihood estimation methods have become popular as a way of dealing...
    (application/pdf) - 18-oct-2016

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