Henry Thompson


119 articles


Trade theory


Simulated trade models


Empirical trade theory


Open economy macro


Energy economics


















Trade theory


Regional trade in a three country model

in The Region and Trade: New Analytical Directions (2015) edited by Amit Batyabal and Peter Nikamp, World Scientific Publishing

A three country model of constant cost production and trade based on productivity and country size


Tariffs and wages in trade theory

Review of Development Economics (2014)

A survey of the effects of tariffs on wages in trade theory


Energy tariffs in a small open economy

Energy Economics (2014) 63-7

Energy tariffs in small open economies alter production, redistribute income, and may be set to maximize tariff revenue


Tourism demand and wages in a general equilibrium model of production

Tourism Economics (2014)

Wages versus skilled wages in a small open economy with expanding tourism demand


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


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


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 


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


Production and trade with sector specific international capital

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

A tariff may not attract international capital


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

Maybe with three factors


Factor price equalization: Theory and evidence

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

Factor price convergence 


The magnification effect with three factors

Keio Economic Studies (1993) 57-64

Thirteen possible magnification effects


Foreign management, international capital, and income redistribution

International Economic Journal (1993) 33-41

Foreign managers migrate and may carry capital


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


Industrial shutdowns and medium run factor intensity reversals

Canadian Journal of Economics (1990) 406-12

Factor intensity reversals and industrial shutdowns


Variable employment and income in general equilibrium

Southern Economic Journal (1989) 679-83

Aggregate unemployment with Okun’s law in general equilibrium


Do tariffs protect specific factors?

Canadian Journal of Economics (1989) 406-12

Maybe not with three factors   


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


Free trade and factor price polarization

European Economic Review (1986) 419-25

Factor price polarization possible 


Complementarity in a simple general equilibrium production model

Canadian Journal of Economics (1985) 616-21

Three factor production structure


International capital mobility in a specific factor model

Atlantic Economic Journal (1985) 76-9

Sector specific capital and perfectly elastic international capital supply


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


Trade and international factor mobility

Atlantic Economic Journal (1983) 45-8

International capital with two domestic factors


Factor migration and income redistribution in international trade

Keio Economic Studies (1983) 65-70

Intransitive migration friends, transitive migration enemies










































































Simulated Models of Production and Trade

Simulations explore properties of factor proportions models


Morocco and the US free trade agreement: A specific factors model with unemployment and energy imports

with Mostafa Malki, Economic Modelling (2014)

Morocco has a good deal at stake in its FTA with the US


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 in the factor proportions model


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 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

Two digit industries, 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 trade theory


An energy factor proportions model of the US economy

Energy Economics (2014) 1-5

Energy is a robust primary factor in the model of production and trade


Wages in a factor proportions model with energy input

Economic Modelling (2013)

Energy input dominates VAR estimate of US wages, 1949-2006


Stolper-Samuelson time series: Long term US wage adjustment

Review of Development Economics (2012) 148-55

US wage adjustments follow 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 with lifted embargo


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 wage effect of falling US tariffs from the mid-1960s


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

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 oversight


Separability of capital and labor in US manufacturing

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

Aggregate eight 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

Political freedom and investment stimulate growth in Nigeria, 1970-2000


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 is 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


Exchange rates, free trade agreement and bilateral trade balance of Sri Lanka

with Sooriyakumar Krishnapillai, Indian Journal of Economics & Business (2011) 163-71

Bilateral effects are much stronger than aggregate effects


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

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

Euro switch has a positive effect, depreciation slightly raises 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 exporters 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 positive effects 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, 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

Devaluation has little impact on the trade balance in India
































Energy economics


Energy tariffs in a small open economy

Energy Economics (2014) 63-7

Energy tariffs redistribute income and generate tariff revenue


Resource rights and markets in a general equilibrium model of production

Environmental and Resource Economics (2013) 131-9

General equilibrium distortions increase incentives to favor resource markets over resource rights


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 1990-2008 


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

Offer curves assuming optimal depletion, price and extraction paths for the coming century


The applied theory of energy substitution in production

Energy Economics (2006) 410-25

Theory behind estimating energy substitution


The first step in restructuring the US electric industry

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

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 over-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

Wages would increase with an energy tax


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

Uncovers only 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 possible for regulated monopolies













































Other articles






Book reviews


































Other articles


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































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)