Bank of Portugal paper reviews effects of transport costs on trade

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A Bank of Portugal paper, published on Monday, finds several limitations in using iceberg transport costs to measure pricing and trade flows between and within export markets.

Alfonso Irarrazabal, Andreas Moxnes and Luca David Opromolla, the paper's authors, assess the importance of transport costs in shaping global trade flows by developing a quantitative analytical framework that features both additive and multiplicative, or iceberg, trade costs.

Iceberg trade costs mean that for each good

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