TERMS OF TRADE
Glossary of International Economics
by Alan V Deardorff (University of Michigan, USA)
About the Author
Alan V Deardorff is Professor of Economics and Public Policy at the University
of Michigan, USA. He received his PhD in economics from Cornell University in
1971 and has been on the faculty at the University of Michigan since 1970. He
served as Chair of the Department of Economics from 1991 to 1995.
He has served as a consultant to many government agencies, including the
Departments of State, Treasury, and Labor of the United States Government, and
he is currently on the editorial boards of the Journal of International
Economic Law, The World Economy, and North American Journal of Economics and
Finance. He is co-author, with Robert M Stern, of The Michigan Model of World
Production and Trade, Computational Analysis of Global Trading Arrangements,
and Measurement of Nontariff Barriers. He has published numerous articles on
various aspects of international trade theory and policy.
His work on international trade theory has dealt primarily with the theory of
comparative advantage and the Heckscher–Ohlin and other models that explain
the patterns and effects of international trade. His work on trade policy has
included analyses of anti-dumping laws, the safeguards clause of the GATT, and
arguments for and against extending intellectual property protection to
developing countries.
In his work with Professor Stern, he has developed a computable general
equilibrium (CGE) model of production, trade, and employment in 34 major
countries of the world. They have used this model for a variety of purposes,
including analysis of the Tokyo and Uruguay Rounds of multilateral trade
negotiations and possible outcomes of the current Doha Round. He, Professor
Stern, and Drusilla K Brown have also developed a series of CGE models that
they have used to evaluate the sectoral employment implications of various
regional trading arrangements in North America, the Western Hemisphere, Asia,
and Europe.
Professor Deardorff's current research interests include: the role of labor
standards in international trade policy, the determinants of bilateral trade
patterns, and the roles of trade costs and intermediate inputs in
international trade.
Back