Academic publications

Henry Thompson

 

Trade theory

Trade with three factors of production

Simulated models of production and trade

Tests of trade theory

Economic growth

Open economy macroeconomics

Energy economics

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                            

Trade theory

The publications expand the scope of the general equilibrium theory of production and trade

 

Tariffs and Wages in Trade Theory

Review of Development Economics (2014)

Surveys the effects of tariffs on wages across trade theory

 

The fixed factor proportions model of production and trade

Keio Economic Studies (2010) 17-28

Production and trade with fixed input coefficients and multiple inputs

 

Stolper-Samuelson production box

 In Famous Figures in Economics (2010) edited by Peter Lloyd and Marc Blaug, Edward Elgar Publishers

The Stolper-Samuelson-Edgeworth diagram in history of thought

 

Breaks in the chain of comparative advantage

with Kwan Choi, International Review of Economics and Finance (2009) 346-8

Abundant countries and intensive exports with full employment

 

Bilateral factor abundance and intensity with many factors, products, and countries

with Dajun Tuo, The CJU Journal of Business and Economics (2009) 6-16

Measures of factor abundance and intensity for any number of factors, products, countries

 

Endogenous trade and factor proportions production

International Journal of Economic Research (2007) 171-7

Marshall-Heckscher-Ohlin-Samuelson offer curves

 

General equilibrium production with constant elasticity of substitution

with Hugo Toledo, Keio Economic Studies (2007) 27-36

General equilibrium trade theorems with CES production

 

An empirical measure of factor intensity when there are many factors and many products

The International Trade Journal (2007) 109-19

Mean weighted factor intensity in high dimensional models of production and trade

 

A distance measure of factor abundance with many factors and many countries

with Myeongjoo Kang, Mostafa Malki, Farhad Rassekh

International Review of Economics and Finance (2007) 287-99

Euclidean distance as a general measure of factor abundance

 

Aggregation and applied trade theory

Journal of Economic Integration (2005) 604-12

Aggregation issues in trade theory prices

 

Duopoly quotas and relative import quality

with Randy Beard, International Review of Economics and Finance (2003) 275-81

Quotas in an international duopoly

 

Factor intensity as Euclidean distance

Keio Economic Studies (2003) 1-7

Factor intensity for any number of factors and products  

 

Robustness of the Stolper-Samuelson intensity price pattern

in Handbook of International Trade (2003) edited by Kwan Choi, Blackwell

Parametric relaxations of assumptions and the Stolper-Samuelson intensity price link

 

Price taking monopolies in small open economies

Open Economies Review (2002) 205-9

A monopoly trader in a small open economy searches for output to maximize profit 

 

Measuring factor abundance across many factors and many countries

with Farhad Rassekh, Open Economies Review (2002) 237-49

Various measures of factor abundance prove inferior to mean weighted abundance

 

Definitions of factor abundance and the factor content of trade

Open Economies Review (1999) 385-93

A workable definition of weak factor abundance

 

Production and the trade balance in a small open economy

Journal of Economic Integration (1999) 432-41

The trade balance in general equilibrium with an export stockpile

 

Micro and macro convergence: Factor price equalization and per capita income

with Farhad Rassekh, Pacific Economic Review (1998) 3-11

Trade, factor prices, per capita incomes

 

Production with two factors and many goods: Large firms in a small open economy

International Economic Journal (1998) 93-102

Product differentiation in general equilibrium

 

Global sensitivity of neoclassical and factor proportions models to production technology

with Jon Ford, International Economic Journal (1997) 61-74

Production frontiers and relative prices

 

International capital and nontraded goods in the long run

International Review of Economics and Finance (1997) 379-90

Properties of nontraded goods and specific capital inputs

 

International differences in production functions and factor price equalization

Keio Economic Studies (1997) 43-54

Trade theorems with similar production functions across countries

 

Quotas, quality, and output in an international duopoly

with Randy Beard, George Sweeney, Journal of Economic Integration (1997) 180-205

Quotas lower domestic quality

 

Factor price equalization: Theory and evidence

with Farhad Rassekh, Journal of Economic Integration (1993) 1-32

Factor price convergence 

 

Production and trade with international capital movements and payments

Southern Economic Journal (1992) 743-9

The balance of payments and international capital in general equilibrium

 

Variable employment and income in general equilibrium

Southern Economic Journal (1989) 679-83

Aggregate unemployment with Okun’s law in general equilibrium

 

Toward a theory of free trade zones

with Jafar Alavi, International Trade Journal (1988) 203-17

Price conditions that support FTZs

 

A review of advancements in the general equilibrium theory of production and trade

Keio Economic Studies (1987) 43-62

Updates Chipman’s Econometrica surveys

 

International migration, non-traded goods, and economic welfare in the source country: A comment

Journal of Development Economics (1984) 321-4

Migration, real income, utility

 

Factor migration and income redistribution in international trade

Keio Economic Studies (1983) 65-70

Intransitive migration friends, transitive migration enemies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade theory with three factors of production

The assumption from classical economics of labor, capital, and land inputs

 

International trade with three factors, goods, or countries, Keio Economic Studies (2001) 43-52

Dedicated to Akira Takayama who noted three is a magic number for economics 

 

Do oil tariffs lower wages?  Open Economies Review (1994) 191-202

Maybe, with three inputs

 

Production and trade with sector specific international capital

International Review of Economics and Finance (1994) 93-105

A tariff may not attract international capital to an import competing industry with two domestic inputs 

 

Foreign management, international capital, and income redistribution

International Economic Journal (1993) 33-41

Foreign managers migrate according to international demand and may carry capital with them

 

The magnification effect with three factors

Keio Economic Studies (1993) 57-64

With three factors there are thirteen magnification effects while with two factors there is one

 

Industrial shutdowns and medium run factor intensity reversals

Canadian Journal of Economics (1990) 406-12

Factor intensity reversals and industrial shutdowns

 

Do tariffs protect specific factors?

Canadian Journal of Economics (1989) 406-12

Maybe not, with a minimum of three factors of production   

 

Free trade and factor price polarization

European Economic Review (1986) 419-25

With three factors, factor price polarization can occur with free trade 

 

Complementarity in a simple general equilibrium production model

Canadian Journal of Economics (1985) 616-21

Complements in the three factor model

 

International capital mobility in a specific factor model

Atlantic Economic Journal (1985) 76-9

Sector specific capital and perfectly elastic international capital supply

 

Trade and international factor mobility

Atlantic Economic Journal (1983) 45-8

International capital and two domestic factors of production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Simulated Theoretical Models of Production and Trade

These simulations explore the quantitative properties of factor proportions models

 

US pork and China trade in a specific factors model

with Osei-Agyeman and Yeboah Victor Ofori Boadu, Agricultural Economic Review (2012) 76-82

A look at the effects of expanding US exports of pork to China

 

Alabama forest products and the potential impacts of FTAA price changes

with Mostafa Malki, Osei Yeboah, Journal of Economic Integration (2010) 130-43

Alabama forest products in a specific factors model with labor and energy inputs

 

Labor skills and factor proportions trade in the Gulf Cooperation Council

with Hugo Toledo, International Review of Economics and Finance (2010) 407-11

Skill intensity and abundance suggest potential for trade between modern and traditional GCC economies

 

Tariff elimination and the wage gap in an industrial specific factors model

with John Francis, Review of International Economics (2009) 447-60

Tariffs and the skilled wage gap in a specific factors model with 458 US manufacturing industries

 

A specific factor model of FTAA and North Carolina textile and apparel

with Mostafa Malki, Osei Yeboah, International Economic Journal (2009) 227-36

Impact of FTAA on returns to industry specific capital, output, wages by skill

 

The impact of a BSE outbreak in a specific factors model

with Osei-Agyeman Yeboah, Victor Ofori-Boadu, International Journal of Applied Economics (2010) 47-57

Adjustments to a collapse in the price of beef

 

 

Free trade with Cuba: The effects of a lifted embargo in Alabama

with Curtis Jolly, Southern Economics and Business Journal (2008) 83-92

Adjustments to Cuba trade in a specific factors model of Alabama  

 

The industrial wage effects of Croatia’s accession to the EU in an applied specific factors model of production

with Josip Funda, Mia Mikiç, International Economics and Finance Journal (2006) 157-69

Adjustments to Croatia entering the EU in a specific labor model with 23 industries

 

Income redistribution, trade prices, and international capital in simulated trade models

in WTO and World Trade: Challenges in a New Era eds Geunter Heiduk, Kar-yiu Wong, Springer-Verlag (2005)

Factor intensity and prices have stronger effects than substitution and foreign capital

 

FTAA and Colombia: Income distribution across labor groups

with Hugo Toledo, International Review of Economics & Finance (2005) 203-12

Income redistribution in Colombia due to FTAA helps unskilled labor

 

Bolivia and South American free trade

with Hugo Toledo, International Trade Journal (2001) 113-26

Bolivian manufacturing, natural gas, agriculture, services, mining adjust to Mercosur

 

Free trade and income redistribution across labor groups:  Comparative statics for the US economy

International Review of Economics and Finance (1997) 181-92

Eight labor skill groups

 

Free trade and income redistribution in a three factor model of the US economy

Southern Economic Journal (1997) 1074-83

Free trade lowers the unskilled wage but raise the skilled wage and capital return

 

NAFTA and industrial adjustment:  A specific factors model of production in Alabama

Growth and Change (1996) 3-28

Specific factors model, unskilled labor loses relative to skilled labor

 

Factor intensity versus factor substitution in a specified general equilibrium model

Journal of Economic Integration (1995) 283-97

Factor intensity has more influence on the comparative static adjustments

 

Free trade and income redistribution in some developing and newly industrialized countries

Open Economies Review (1995) 265-80

Across a number of LDCs, free trade helps labor and capital but hurts skilled labor

 

An investigation of the quantitative properties of the specific factors model of production and trade

Japan and the World Economy (1994) 375-88

Comparative static model, data at two digit industry level, skilled versus unskilled labor

 

Factor migration and income distribution in some developing countries

with Don Clark, Bulletin of Economic Research (1990) 131-40

Foreign investment and emigration raise unskilled wages across LDCs

 

International factor migration in the US

with Don Clark, Atlantic Economic Journal (1990) 74-8

Capital and skilled labor benefit from unskilled immigration

 

Simulating a multifactor general equilibrium model of production

International Economic Journal (1990) 21-34

Comparative static model with capital and eight labor skills

 

Immigration, international capital flows, and long run income distribution in Canada

with Don Clark, Atlantic Economic Journal (1986) 24-9

Factor migration on factor prices in Canada

 

Factor movements with three factors and two goods in the US economy

with Don Clark, Economics Letters (1983) 53-60

Unskilled immigrants raise skilled wages and capital return

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Empirical tests of trade theory

 

An energy factor proportions model of the US economy

Energy Economics (2014) 1-5

Energy is a robust primary factor along with capital and labor in the basic model of production and trade

 

Wages in a factor proportions model with energy input

Economic Modelling (2013)

Energy input dominates VAR estimate of the US wage, 1949-2006

 

Stolper-Samuelson time series: Long term US wage adjustment

Review of Development Economics (2012) 148-55

US wage adjustments during 1949-2006 in the Stolper-Samuelson theorem

 

US cotton exports and bilateral exchange rates

with Nazif Durmaz, Agricultural Economic Review (2012) 76-82

Bilateral exchange rates have high explanatory power

 

The history and potential of trade between Cuba and the US

with Cassandra Copeland, Curtis Jolly, Journal of Economics and Business (2012) 163-74

Cuba’s pre-Castro economic partner was the US

 

Estimating the Heckscher-Ohlin model: Inverting the inverse matrix

International Review of Economics and Finance (2011) 185-92

Estimated comparative static model and implied properties of substitution and intensity

 

The Cuban embargo and Southeastern agricultural exports

with Cassandra Copeland, Southern Economics and Business Journal (2010) 81-92

A market model predicts agricultural exports from US Southeast when embargo is lifted

 

Wages in a factor proportions time series model of the US

Journal of International Trade and Economic Development (2010) 241-56

Estimated wage effects in the context of theory, 1949-2006

 

Productivity, imports, and the softwood lumber dispute

with Venkatarao Nagubadi, Daowei Zhang, The International Trade Journal (2009) 301-29

US protection lowers productivity

 

Lost protection and wages: Some time series evidence for the US

with Cassandra Copeland, International Review of Economics and Finance (2007) 603-6

Minor effect of falling US tariffs from the mid-1960s on wages

 

Exchange rates and commodity markets: Global trade in corn, cotton, poultry, and soybeans

with Abdul Almarwani, Curtis Jolly, Agricultural Economics Review (2007) 77-86

Effects of bilateral exchange rates inconsistent, no exchange risk effects

 

Free trade and a case of local tomato production

with Abdul Almarwani, Curtis Jolly, Agricultural Economics Review (2007) 69-78

Estimated loss of $17 million in Alabama tomato production during the first 8 years of NAFTA

 

Substitution elasticities with many inputs

Applied Mathematics Letters (1997) 123-27

Workable alternative to McFadden and Morishima elasticities

 

Adjustment in general equilibrium:  Some industrial evidence

with Farhad Rassekh, Review of International Economics (1997) 20-31

Stolper-Samuelson theorem estimate consistent with factor proportions theory, OECD countries 1970-1985

 

An empirical analysis of intraindustry trade and multinational firms

with Elizabeth Wickham, in Intraindustry Trade: Theory, Evidence, and Extensions, ed Peter Tharakan, MacMillan (1989)

Unusual in economics, an empirical result uncovers a theoretical mistake

 

Separability of capital and labor in US manufacturing

with Don Clark and Richard Hofler, Economics Letters (1988) 197-201

Aggregate the 8 separate labor skill groups in US manufacturing at your own risk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Economic growth

 

Economic growth with a nonrenewable energy resource

Journal of Energy and Development (2012) 35-43

Economic growth with capital, labor, and a depleting nonrenewable resource

 

Economic growth and foreign capital

Review of Development Economics (2008) 694-701

Separate foreign and domestic capital

 

Foreign investment and transition in Central/Eastern Europe along the phase curve

with Valentina Hartarska, Applied Econometrics and International Development (2008) 67-78

Foreign investment contributes to growth of 27 countries, 1997-2003

 

An analysis of the impact of freedoms on economic growth

with John Kagochi, Nii Tacki, Journal of African Development (2007) 13-29

In Nigeria 1970-2000, political freedom and investment stimulate growth

 

Exports, imports, and income in Taiwan: An examination of the export led growth hypothesis

with Tsangyao Chang, Wenshwo Fang, and Wenrong Liu, International Economic Journal (2000) 151-60

Weak influence of exports on growth in Taiwan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open economy macroeconomics

 

The real exchange rate and the balance of trade in US tourism

with Ka Ming Cheng, Hyeongwoo Kim, International Review of Economics and Finance (2013) 122-8

 Depreciation raises tourism revenue, 1973-2010

 

The exchange rate and US tourism trade, 1973-2007

with Ka Ming Cheng and Hyeongwoo Kim, Tourism Economics (2013)

No J-curve, tourism a luxury good for US tourists

 

Weak policy in an open economy:  The US with a floating exchange rate, 1974-2009

Economic Analysis and Policy (2012) 339-350

Monetary expansion weakly effective, fiscal “expansion” counterproductive

 

The exchange rate, euro switch, and tourism revenue in Greece

with Alexi Thompson, Tourism Economics (2010) 733-6

Euro switch no effect, depreciation slightly raised tourism revenue, 1974-2006

 

Exchange rates, exchange risk, and Asian export revenue

with WenShwo Fang and YiHao Lai, International Review of Economics and Finance (2007) 237-54

Exchange risk critical, Asian export markets different

 

Third country news in the monetary model of the exchange rate

with John Jackson and Juliet Zheng, Applied Financial Economics (2005) 757-64

“News” on the dollar affects cross exchange rates

 

Exchange rate risk and export revenue in Taiwan

with WenShwo Fang, Pacific Economic Review (2003) 117-29

Exchange risk erases any positive effect of deprecation

 

Fiscal policy in South Korea, Taiwan, and Thailand: Cointegration analysis

with Tsangyao Chang and Wen Rong Liu, ASEAN Economic Bulletin (2002)

Fiscal expansion does not stimulate output in South Korea, Taiwan, or Thailand over 50 years

 

The impact of the exchange rate on local industries

with Kamal Upadhyaya, Economia Internationale (1998) 101-13

Strong local effects of depreciation on Alabama industrial exports since 1970s 

 

Devaluation and the trade balance in India:  Stationarity and cointegration

with Kamal Upadhyaya, Murli Buluswar, Applied Economics (1996) 429-32

Devaluations have little impact on the trade balance in India

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy economics

 

Cross section translog production and elasticity of substitution in US manufacturing industry

with Sooriyakumar Krishnapillai, International Journal of Energy Economics and Policy (2012) 50-54

Estimates of substitution across US states

 

A note on the oil price trend and GARCH shocks

with Jing Li, The Energy Journal (2010) 185-91

Persistence in the variance of oil price shocks, deterministic trend, monthly data 1990-2008 

 

Oil depletion and terms of trade, Keio Economic Studies (2007) 19-25

Offer curves with optimal depletion, backward bending offer curve, price, extraction paths for the coming century

 

The applied theory of energy substitution in production

Energy Economics (2006) 410-25

The theory behind estimating substitution between energy and other inputs  

 

The first step in restructuring the US electric industry

with Andy Barnett, Keith Reutter, Energy Economics (2005) 225-35

In the early 1900s competitive local utilities lobbied for state franchised un-natural monopoly power

 

Clean air stranded costs: How big?

with Andy Barnett, Justin Isaacs, The Electricity Journal (2002) 64-8

Clean Air Act promises to strand more utility capital than competition 

 

Retail competition and interstate electricity trade in the Southeast

with Andy Barnett and Justin Isaacs, The Electricity Journal (2002) 68-74

Retail competition leads to substantial consumer gains in high price states and losses in low price states

 

Short circuits in energy markets: California and competition

The Electricity Journal (2001) 72-3

 California energy crisis caused by too much regulation

 

A note on vertical integration and stock ratings of oil companies

with John Jackson, Kenneth Edwards, The Energy Journal (2000) 145-51

Vertical integration of refineries back into pipelines and oil fields raises stock returns

 

Energy taxes and wages in general equilibrium, OPEC Review (2000) 185-94

Do wages increase with an energy tax due to substitution in production?

 

Electricity substitution and deregulation: Some local industrial evidence

with Andy Barnett, Keith Reutter, Energy Economics (1998) 411-9

Increased Alabama exports of electricity would raise demand for capital and labor

 

Industrial energy substitution during the 1980s in the Greek economy

with Yannis Caloghiro, Alexi Mourelatos, Energy Economics (1997) 476-91

Weak substitution between electricity and other inputs in Greece 

 

Privatization and deregulation of the electricity industry

with Andy Barnett, Business and Economics for the 21st Century (1997) 350-58

A look at the recent trend toward less regulation and more competition

 

Substitution elasticities with many inputs

Applied Mathematics Letters (1997) 123-7

A theoretical comparison of cross price elasticities of substitution

 

Efficient versus "popular" prices for regulated monopolies

with Randy Beard, Journal of Business (1996) 75-88

Bottom feeding as well as the typical cream skimming are possible for regulated monopolies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other articles

 

 

Books

 

 

Book reviews

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Articles in other academic fields

 

Resource rights and markets in a general equilibrium model of production

Environmental and Resource Economics (2013)

An open access resource distorts production and lowers output for the sector

 

News and volatility of food prices

with Yuqing Zheng, Henry Kinnucan, Applied Economics (2007) 1-7

Unexpected changes and volatility impact commodity prices

 

Industrial subsidies in Alabama: Economic impact across counties

with Anthony Gadzey, Osei Yeboah, Southern Economics and Business Journal (2005) 130-6

1% rate of return on industrial relocation subsidies across 30 Alabama counties for 20 years

 

State economic incentives: Stimulus or reallocation?

with Pete Cacalgno, Public Finance Review (2004) 651-65

Reallocation with no net stimulus across US states

 

Aftershocks of NAFTA:  How is US industry adjusting to freer trade in North America? 

The Financial Survey (1998)

Capital intensive export industries doing well while labor intensive industries struggle

 

Globalization and income distribution: Across and within countries

Business and Economics for the 21st Century (1997) 168-72

Income distribution within and across countries

 

Privatization and deregulation of the electricity industry

with Andy Barnett, Business and Economics for the 21st Century (1997) 350-58

Efficiency and privatization, nationalized to regulated to deregulated industries

 

Akira Takayama: A memoir

Review of International Economics (1996) 371-81

A collection of memories from students and colleagues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Books

 

International Economics: Global Markets and Competition 3rd edition World Scientific (2011)

 

International Economics: A Microeconomic Approach, Longman (1993)

 

Instructor's Manual, International Economics, Longman (1993)

 

Instructor's Manual for Principles of Economics Ruffin & Gregory, 6 editions

 

Instructor's Manual for Economics Gregory & Ruffin (1993)

 

Instructor's Manual for Essentials of Economics Gregory & Ruffin, 3 editions

 

Instructor's Manual for Basic Economics Gregory & Ruffin (1989, 1995)

 

Workbook for Modern Price Theory Ruffin (1988)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book reviews

 

Trade, Growth, and Poverty Reduction by T.N. Srinivasan

International Review of Economics and Finance (2010)

 

Handbook on International Trade Policy edited by Kerr and Gaisford

American Journal of Agricultural Economics (2009)

 

Economics of International Trade and the Environment by Batabyal and Beladi

American Journal of Ag Economics (2004)

 

Globalization and the Theory of Input Trade by Jones

Southern Economic Journal (2001)

 

Productivity, Innovation and Economic Performance by Barrell, Mason, and O’Mahony

International Trade Journal (2001)

 

Managerial Economics by Salvatore

International Trade Journal (1994)

 

International Trade and Trade Policy by Helpman & Razin

International Review of Economics and Finance (1994)

 

International Economic Policy:  Beyond the Trade and Debt Crisis by Pool & Stamos

International Trade Journal (1992)

 

Canadian-American Trade and Investment under the Free Trade Agreement by Crookell

Growth and Change (1991)

 

International Economics: Theory and Policy by Enders & Lapan

International Trade Journal (1988)

 

The New Protectionist Threat to World Welfare by Salvatore

Southern Economic Journal (1988)

 

The Structure and Evolution of Recent U.S. Trade Policy by Baldwin & Krueger

Wall Street Review of Books (1987)

 

A Retrospective on the Classical Gold Standard, 1821-1931 by Bordo & Schwartz

Wall Street Review of Books (1985)

 

Problems in International Finance by Black & Dorrance

Wall Street Review of Books (1985)