I study a class of macroeconomic models in which all firms can costlessly choose any price at each date from an interval (indexed to last period's level) that includes positive lower bound. prove three results are valid for such half‐closed (regardless how near zero the left endpoint is). First, given output sequence is uniformly bounded above by moneyless equilibrium level, outcome (possibly t...

We decompose the factor content of trade into Heckscher–Ohlin–Vanek trade and Ricardian trade. We measure factor content using only the United States' technology and also as Leontief advocated, using the local technology. In either case, differences in endowments are quite important in explaining the factor content of trade. If one uses raw estimated coefficients as a means of comparison, diffe...