Henry Thompson


Trade theory

Simulated trade models

Empirical trade theory

Economic growth

Open economy macroeconomics

Energy economics

Other fields
















Trade theory


Multilateral comparative advantage: Complex trade for many countries and goods

International Economics and Economic Policy (2024) 285-96

Specialization in a single export is a rarity


Trade and depletion with a resource intensive input

International Trade Journal (2020) 457-70

Optimal depletion ties the increase in the price of the resource to the capital return


Partial specialization with constant cost comparative advantage

Keio Economic Studies (2018) 73-80

Trade patterns with constant cost and partial specialization by large countries


Factor tariffs and income

International Trade Journal (2018) 368-96

A tariff on an imported factor and domestic factor prices


A tariff on a productive factor with import competing supply

Journal of International Trade and Economic Development (2016) 71-9

A tariff and domestic supply


Tariffs and wages in trade theory

Review of Development Economics (2016) 399-405

History of economic thought on import tariffs and wages


Tourism demand and wages in a general equilibrium model of production

Tourism Economics (2016) 81-91

Theoretical links between tourism and wages


Regional trade in a three country model

in The Region and Trade: New Analytical Directions (2010)

edited by Amit Batabyal and Peter Nijkamp, World Scientific Publishing

Comparative advantage interplays with country sizes


The fixed factor proportions model of production and trade

Keio Economic Studies (2010) 17-28

Constant costs with multiple inputs


Stolper-Samuelson production box

in Famous Figures in Economics (2010)

edited by Peter Lloyd and Marc Blaug, Edward Elgar

One of the fundamental figures in economics


Breaks in the chain of comparative advantage

with Kwan Choi

International Review of Economics and Finance (2009) 346-8

Full employment can break the chain


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

with Dajun Tuo

The CJU Journal of Business and Economics (2009) 6-16

High dimensional factor abundance and intensity


Endogenous trade and factor proportions production

International Journal of Economic Research (2007) 171-7

Factor proportions theory with offer curves


General equilibrium production with constant elasticity of substitution

with Hugo Toledo

Keio Economic Studies (2007) 27-36

CES and adjustments to price changes


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


Empirical factor abundance with many factors and countries

with Myeongjoo Kang, Mostafa Malki, Farhad Rassekh

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

Euclidean distance measure of factor abundance


Aggregation and applied trade theory

Journal of Economic Integration (2005) 604-12

Distortions and ambiguities due to aggregation


Duopoly quotas and relative import quality

with Randy Beard

International Review of Economics and Finance (2003) 275-81

Quotas and import quality competition


Factor intensity as Euclidean distance

Keio Economic Studies (2003) 1-7

Euclidean distance measure of intensity


Robustness of the Stolper-Samuelson intensity price pattern

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

Parametric relaxation of standard assumptions


Price taking monopolies in small open economies

Open Economies Review (2002) 205-9

Monopoly output without price searching


Measuring factor abundance across many factors and many countries

with Farhad Rassekh

Open Economies Review (2002) 237-49

Mean weighted measure of factor abundance


International trade with three factors, goods, or countries

Keio Economic Studies (2001) 43-52

Akira Takayama noted three is a magic number in economics


Definitions of factor abundance and the factor content of trade

Open Economies Review (1999) 385-93

The different measures of factor abundance


Production and the trade balance in a small open economy

Journal of Economic Integration (1999) 432-41

Trade balance as a real asset


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

with Farhad Rassekh

Pacific Economic Review (1998) 3-11

Wages versus per capita income


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

International Economic Journal (1998) 93-102

Product differentiation with competitive trade


Global sensitivity of neoclassical and factor proportions models to production technology

with Jon Ford

International Economic Journal (1997) 61-74

Curvature of production frontiers and factor prices


International capital and nontraded goods in the long run

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

Nontraded goods with sector specific traded capital


International differences in production functions and factor price equalization

Keio Economic Studies (1997) 43-54

Parametric measures of production functions


Quotas, quality, and output in an international duopoly

with Randy Beard and George Sweeney

Journal of Economic Integration (1997) 180-205

Import quotas and output quality


Production and trade with sector specific international capital

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

Tariffs with international capital and two domestic inputs


Factor price equalization: Theory and evidence

with Farhad Rassekh

Journal of Economic Integration (1993) 1-32

Convergence is the key concept


Foreign management, international capital, and income redistribution

International Economic Journal (1993) 33-41

Foreign management bringing foreign capital


The magnification effect with three factors

Keio Economic Studies (1993) 57-64

13 magnification effects in the two good model


Production and trade with international capital movements and payments

Southern Economic Journal (1992) 743-9

International capital and the BOP


Industrial shutdowns and medium run factor intensity reversals

Canadian Journal of Economics (1990) 406-12

Factor intensity reversals and industrial shutdowns with 3 factors


Do tariffs protect specific factors?

Canadian Journal of Economics (1989) 406-12

Maybe not with 3 factors


Variable employment and income in general equilibrium

Southern Economic Journal (1989) 679-83

Okun meets Heckscher and Ohlin


Toward a theory of free trade zones

with Jafar Alavi

International Trade Journal (1988) 203-17

FTZ pricing conditions


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

Keio Economic Studies (1987) 43-62

Updates the Chipman survey


Free trade and factor price polarization

European Economic Review (1986) 419-25

Factor price adjustments with three factors


Complementarity in a simple general equilibrium production model

Canadian Journal of Economics (1985) 616-21

The impact of complements in the three factor model


International capital mobility in a specific factor model

Atlantic Economic Journal (1985) 76-9

Sector specific, international capital


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

Journal of Development Economics (1984) 321-4

A deeper look into the production properties


Factor migration and income redistribution in international trade

Keio Economic Studies (1983) 65-70

Factor friends are intransitive and enemies transitive


Trade and international factor mobility

Atlantic Economic Journal (1983) 45-8

International capital with two domestic and one international factor






























Simulated Models of Production and Trade


Short run adjustments in Taiwan to free trade in a multisector specific factors model

with Peter Chow and Ozcan Ozturk

The International Trade Journal (2022)


Services and income redistribution in specific factors models of the Trans-Pacific Partnership

in The Trans-Pacific Partnership and the Path to Free Trade in the Asia-Pacific (2016)

edited by Peter Chow, Edward Elgar Publishing


Morocco and the US free trade agreement:

A specific factors model with unemployment and energy imports

with Mostafa Malki

Economic Modelling (2014) 268-74


US pork and China trade in a specific factors model

with Osei Agyeman and Yeboah Boadu

Agricultural Economic Review (2012) 130-43


Alabama forest products and the potential impacts of FTAA price changes

with Mostafa Malki and Osei Yeboah

Journal of Economic Integration (2010) 130-43


Labor skills and factor proportions trade in the Gulf Cooperation Council

with Hugo Toledo

International Review of Economics and Finance (2010) 407-11


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

with John Francis

Review of International Economics (2009) 447-60

A model with 458 industries


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

with Mostafa Malki and Osei Yeboah

International Economic Journal (2009) 227-36


The impact of a BSE outbreak in a specific factors model

with Osei-Agyeman Yeboah and Victor Boadu

International Journal of Applied Economics (2010) 47-57

Effects of 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


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

with Josip Funda and Mia Mikic

International Economics and Finance Journal (2006) 157-69

Croatia with 23 industries entering the EU


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)


FTAA and Colombia: Income distribution across labor groups

with Hugo Toledo

International Review of Economics & Finance (2005) 203-12


Bolivia and South American free trade

with Hugo Toledo

International Trade Journal (2001) 113-26


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 skills in translog production


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

Southern Economic Journal (1997) 1074-83

Trade lowers the wage


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

Growth and Change (1996) 3-28

Labor loses relative to skilled labor


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

Open Economies Review (1995) 265-80

Free trade helps labor


Factor intensity versus factor substitution in a specified general equilibrium model

Journal of Economic Integration (1995) 283-97

Factor intensity has more influence


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

Japan and the World Economy (1994) 375-88


Factor migration and income distribution in some developing countries

with Don Clark

Bulletin of Economic Research (1990) 131-40


International factor migration in the US

with Don Clark

Atlantic Economic Journal (1990) 74-8


Simulating a multifactor general equilibrium model of production

International Economic Journal (1990) 21-34

Comparative static model with capital and eight different labor skills


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

with Don Clark

Atlantic Economic Journal (1986) 24-9


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

with Don Clark

Economics Letters (1983) 53-60
































Empirical trade theory


Effects of the 2018 Tariffs on US Factor Shares

with Alexi Thompson

Review of Economic Analysis (2024) forthcoming


Addendum: The imputed effects of US tariffs on wages

with Alexi Thompson

International Review of Economics and Finance (2023) 564-9


The imputed effects of US tariffs on wages

with Alexi Thompson

International Review of Economics and Finance (2021) 191-7


An energy factor proportions model of the US economy

Energy Economics (2014) 1-5


Wages in a factor proportions model with energy input

with Hyeongwoo Kim

Journal of Economic Modelling (2014) 495-501


Stolper-Samuelson time series: Long term US wage adjustment

Review of Development Economics (2013)

Trade prices and wages from 1949 to 2006


The history and potential of trade between Cuba and the US

with Cassandra Copeland and Curtis Jolly

Journal of Economics and Business (2012)

US bound to return as the main economic partner of Cuba


Estimating the Heckscher-Ohlin model: Inverting the inverse matrix

International Review of Economics and Finance (2011)

Properties of substitution and intensity derived from estimations


The Cuban embargo and Southeastern agricultural exports

with Cassandra Copeland

Southern Economics and Business Journal (2010)

Lifting the embargo and agricultural exports from US Southeast


Wages in a factor proportions time series model of the US

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

Estimated wages adjustments in the factor proportions model from 1949 to2006


Productivity, imports, and the softwood lumber dispute

with Venkatarao Nagubadi and Daowei Zhang

The International Trade Journal (2009) 301-29

Import protection lowers productivity for the US


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

with Cassandra Copeland

International Review of Economics and Finance (2007) 603-6

Falling US tariffs have only a minor effect on wages


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

with Abdul Almarwani and Curtis Jolly

Agricultural Economics Review (2007) 77-86

Inconsistent effects of bilateral exchange rates


Free trade and a case of local tomato production

with Abdul Almarwani and Curtis Jolly

Agricultural Economics Review (2007) 69-78

Estimated loss of $17 million in Alabama tomato output during early NAFTA years


Substitution elasticities with many inputs

Applied Mathematics Letters (1997) 123-27

Bilateral elasticity outperforms McFadden and Morishima elasticities


Adjustment in general equilibrium:  Some industrial evidence

with Farhad Rassekh

Review of International Economics (1997) 20-31

Stolper-Samuelson theorem in the 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)

An empirical result that uncovers a theoretical mistake, unusual in economics


Separability of capital and labor in US manufacturing

with Don Clark and Richard Hofler

Economics Letters (1988) 197-201

Labor skills should not be aggregated



























Economic growth


Economic growth with a nonrenewable energy resource

Journal of Energy and Development (2012)

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


Economic growth and foreign capital

Review of Development Economics (2008) 694-701

Foreign capital leads to incomplete convergence, trade imbalance, and perpetual capital flow


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

with Valentina Hartarska

Applied Econometrics and International Development (2008) 67-78

Growth along the phase curve for 27 countries during the transition toward market based economies


An analysis of the impact of freedoms on economic growth

with John Kagochi and Nii Tacki

Journal of African Development (2007) 13-29

Political freedom and investment stimulate growth, while economic freedom and the price of oil do not


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

Exports have only a weak influence on economic growth in Taiwan


























Open economy macroeconomics


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

Economic Analysis and Policy (2012)

Monetary expansion weakly raises income, fiscal expansion lowers income


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

with Ka Ming Cheng and Hyeongwoo Kim

International Review of Economics and Finance (2013) 122-8

Depreciation raises tourism revenue with no effect on tourism import spending


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

with Alexi Thompson

Tourism Economics (2010) 733-6

Depreciation slightly raises tourism revenue, switch to euro had no effect


Exchange rates, exchange risk, and Asian export revenue

with WenShwo Fang and YiHao Lai

International Review of Economics and Finance (2007) 237-54

Positive effects of depreciation on export revenue offset by exchange risk


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 rates


Exchange rate risk and export revenue in Taiwan

with WenShwo Fang

Pacific Economic Review (2003) 117-29

Exchange risk reduces export revenue erasing 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)

No positive output effect of fiscal expansion in South Korea, Taiwan, or Thailand


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


Devaluation and the trade balance in India:  Stationarity and cointegration

with Kamal Upadhyaya and Murli Buluswar

Applied Economics (1996) 429-32

Devaluations have little impact on the trade balance in India

























Energy economics


Energy tariffs in a small open economy

Energy Economics (2014) 63-7

Adjustments in outputs and wages


A note on the oil price trend and GARCH shocks

with Jing Li

The Energy Journal (2010) 185-91

Long term monthly persistence in the variance of oil price shocks with a deterministic trend 


Oil depletion and terms of trade

Keio Economic Studies (2007) 19-25

Optimal depletion, a backward bending offer curve, implied paths of price and extraction


The applied theory of energy substitution in production

Energy Economics (2006) 410-25

Theory of substitution between energy and other inputs


The first step in restructuring the US electric industry

with Andy Barnett and Keith Reutter

Energy Economics (2005) 225-35

Competitive local utilities lobbied for state franchises creating unnatural monopoly power


Clean air stranded costs: How big?

with Andy Barnett and Justin Isaacs

The Electricity Journal (2002) 64-8

The Clean Air Act and stranded capital of utilities


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 but losses in low price states


Short circuits in energy markets: California and competition

The Electricity Journal (2001) 72-3

California energy crisis was caused by too much regulation


A note on vertical integration and stock ratings of oil companies

with John Jackson and Kenneth Edwards

The Energy Journal (2000) 145-51

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


Energy taxes and wages in general equilibrium

OPEC Review (2000) 185-94

Wage adjustments to increased energy taxes


Electricity substitution and deregulation: Some local industrial evidence

with Andy Barnett and Keith Reutter

Energy Economics (1998) 411-9

Increased exports of electricity from Alabama would raise demands for capital and labor


Industrial energy substitution during the 1980s in the Greek economy

with Yannis Caloghiro and Alexi Mourelatos

Energy Economics (1997) 476-91

Only moderate substitution is found between electricity and other inputs in Greece


Efficient versus "popular" prices for regulated monopolies

with Randy Beard

Journal of Business (1996) 75-88

Bottom feeding and cream skimming regulated monopolies


Do oil tariffs lower wages? 

Open Economies Review (1994) 191-202

Feasible in general equilibrium with capital, labor, energy inputs
















Other articles


Book reviews


Other articles


News and volatility of food prices

with Yuqing Zheng and 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 and Osei Yeboah

Southern Economics and Business Journal (2005) 130-6

1% rate of return on industrial relocation subsidies


State economic incentives: Stimulus or reallocation?

with Pete Cacalgno

Public Finance Review (2004) 651-65

Reallocation only 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


Globalization and income distribution: Across and within countries

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

A look at income distribution within and across countries due to rising trade


Privatization and deregulation of the electricity industry

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

Efficiency and privatization for nationalized, regulated, and deregulated industries


Akira Takayama: A memoir

Review of International Economics (1996) 371-81

A personal recollection from students and colleagues























International Economics: Global Markets & Competition, 5th ed, World Scientific (2024)


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 OMahony

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)