Peter Neary

Professor of Economics, Department of Economics, University of Oxford

Peter Neary



(Click on highlighted article titles to view a pre-publication pdf version. For copyright reasons, this is not identical to the published version. Click on “Published Version” where applicable: you will normally need a subscription to access this, except for papers indicated as “Open Access”. Click on highlighted journal or book titles to access their web site. If you would like an offprint of any of these papers, email me at and I will post you one as long as my stocks last.)

See also:


  1. (with Jim Anderson) Measuring the Restrictiveness of International Trade Policy, Cambridge, Mass.: MIT Press, 2005. (Click here for links to Table of Contents, sample chapters, etc.)

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Edited Books

  1. Readings in International Trade: Volume I. Welfare and Trade Policy, Volume II. Production Structure, Trade and Growth, International Library of Critical Writings in Economics, Cheltenham: Edward Elgar, 1995.

  2. (with Bill Ethier and Elhanan Helpman) Theory, Policy and Dynamics in International Trade: Essays in Honor of Ronald W. Jones, Cambridge: Cambridge University Press, 1993; paperback edition 1995.

  3. (with Sweder van Wijnbergen) Natural Resources and the Macroeconomy, Oxford: Basil Blackwell and Cambridge, Mass.: MIT Press, 1986.

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Articles in Refereed Economics Journals

  1. (with Monika Mrázová) "Selection Effects with Heterogeneous Firms," Journal of the European Economic Association (forthcoming). [Slides]
  2. (with Monika Mrázová) "Not So Demanding: Demand Structure and Firm Behavior," American Economic Review, 107:12, December 2017, 3835-3874. [Slides] [Open Access]
  3. "International Trade in General Oligopolistic Equilibrium," Review of International Economics, 24:4, September 2016, 669-698. [Slides] [Open Access]
  4. (with Carsten Eckel, Leo Iacovone and Beata Javorcik) "Testing the Core Competency Model of Multi-Product Exporters," Review of International Economics, 24:4, September 2016, 699-716. [Slides] [Open Access]
  5. (with Jim Anderson) "Sufficient Statistics for Tariff Reform when Revenue Matters," Journal of International Economics, 98, January 2016, 150-159. [Open Access]
  6. (with Carsten Eckel, Leo Iacovone and Beata Javorcik) "Multi-Product Firms at Home and Away: Cost- Versus Quality-Based Competence," Journal of International Economics, 95:2, March 2015, 216-232. [Slides] [Open Access]
  7. (with Monika Mrázová) "Together at Last: Trade Costs, Demand Structure, and Welfare," American Economic Review (Papers and Proceedings), 104:5, May 2014, 298-303. [Published version] [Online Appendices] [Slides]

  8. (with Rob Feenstra, Hong Ma and D.S. Prasada Rao) "Who Shrunk China? Puzzles in the Measurement of Real GDP," Economic Journal, 123:573, December 2013, 1100-1129. [Published version] [Slides]

  9. (with Joe Tharakan) "International Trade with Endogenous Mode of Competition in General Equilibrium," Journal of International Economics, 86:1, January 2012, 118-132. [Published version]

  10. "Two and a Half Theories of Trade," The World Economy, 33:1, January 2010, 1-19. [Published version]

  11. (with Carsten Eckel) "Multi-Product Firms and Flexible Manufacturing in the Global Economy," Review of Economic Studies, 77:1, January 2010, 188-217. [Published version] [JSTOR]
  12. (with Dermot Leahy) “Multilateral subsidy games,” Economic Theory, 41:1, October 2009, 41-66. [Read online] [JSTOR]
  13. Putting the 'new' into new trade theory: Paul Krugman's Nobel Memorial Prize in Economics,” Scandinavian Journal of Economics, 111:2, June 2009, 217-250. [Published version]

  14. Trade costs and foreign direct investment,” International Review of Economics and Finance, 18:2, March 2009, 207-218; earlier version in S. Brakman and H. Garretsen (eds.): Foreign Direct Investment and the Multinational Enterprise, Cambridge, Mass.: MIT Press, 2008, 13-38. [Published version]

  15. (with Ian Crawford) “Testing for a reference consumer in international comparisons of living standards,” American Economic Review, 98:4, September 2008, 1731-1732. [Published version]

  16. (with Dermot Leahy) “Absorptive capacity, R&D spillovers and public policy,” International Journal of Industrial Organisation, 25:3, October 2007, 1089-1108. [Published version]

  17. Cross-border mergers as instruments of comparative advantage,” Review of Economic Studies, 74:4, October 2007, 1229-1257. [Published version] [JSTOR]
  18. (with Jim Anderson) “Welfare versus market access: The implications of tariff structure for tariff reform,” Journal of International Economics, 71:1, March 2007, 187-205. [Published version]
  19. Simultaneous reform of tariffs and quotas,” Review of International Economics, 15:1, February 2007, 37-44. [Published version]
  20. Measuring competitiveness,” Economic and Social Review, 37:2, Summer/Autumn 2006, 197-213. [Published version]
  21. International trade and the environment: Theoretical and policy linkages,” Environmental and Resource Economics, 33:1, January 2006, 95-118. [Published version]
  22. (with Dermot Leahy) "Symmetric research joint ventures: Cooperative substitutes and complements," International Journal of Industrial Organisation, 23:5-6, June 2005, 381-397. [Published version]
  23. "Rationalising the Penn World Table: True multilateral indices for international comparisons of real income," American Economic Review, 94:5, December 2004, 1411-1428. [Published version] [JSTOR] (Click here for Appendix, Gauss and data files.)
  24. "Europe on the road to Doha: Towards a new global trade round?,” CESifo Economic Studies, 50:2, Summer 2004, 319-332. [Published version]
  25. (with Dermot Leahy) "Revenue-constrained strategic trade and industrial policy," Economics Letters, 82:3, March 2004, 409-414.
  26. (with Jim Anderson) "The mercantilist index of trade policy," International Economic Review, 44:2, May 2003, 627-649.
  27. "Globalisation and market structure," Journal of the European Economic Association, 1:2-3, April-May 2003, 245-271; reprinted in R.E. Falvey and U. Kreickemeier (eds.): Recent Developments in International Trade Theory, Edward Elgar, 2005. [Published version] [JSTOR]
  28. "Competitive versus comparative advantage," The World Economy, 26:4, April 2003, 457-470.
  29. "Foreign competition and wage inequality," Review of International Economics, 10:4, November 2002, 680-693. [Published version]
  30. "Foreign direct investment and the single market,” The Manchester School, 70:3, June 2002, 291-314. [Published version]
  31. (with Dermot Leahy) "Robust rules for industrial policy in open economies,” Journal of International Trade and Economic Development, 10:4, December 2001, 393-409.
  32. "Of hype and hyperbolas: Introducing the new economic geography," Journal of Economic Literature, 39:2, June 2001, 536-561; reprinted in P.C. Cheshire and G. Duranton (eds.): Recent Developments in Urban and Regional Economics, Edward Elgar, 2004. [JSTOR]
  33. (with Dermot Leahy) "Strategic trade and industrial policy towards dynamic oligopolies," Economic Journal, 110, April 2000, 484-508. [JSTOR]
  34. (with Paul O'Sullivan) "Beat 'em or join 'em?: Export subsidies versus international research joint ventures in oligopolistic markets," Scandinavian Journal of Economics, 101:4, December 1999, 577-596.
  35. (with Emla Fitzsimons and Vincent Hogan) "Explaining the volume of North-South trade in Ireland: A gravity model approach," Economic and Social Review, 30:4, October 1999, 381-401.
  36. (with Dermot Leahy) "Learning by doing, precommitment and infant industry promotion," Review of Economic Studies, 66:2, April 1999, 447-474. [JSTOR]
  37. (with Dermot Leahy) "R&D spillovers and the case for industrial policy in open economies," Oxford Economic Papers, 51:1, January 1999, 40-59. [JSTOR]
  38. "Pitfalls in the theory of international trade policy: Concertina reforms of tariffs, and subsidies to high-technology industries,” Scandinavian Journal of Economics, 100:1, March 1998, 187-206; reprinted in T.M. Andersen and K.O. Moene (eds): Public Policy and Economic Theory, Oxford: Basil Blackwell, 1998.
  39. (with Bríd Gleeson) "Measuring the wealth of nations: Reference prices and multilateral real income indexes," Economic and Social Review, 28:4, October 1997, 401-421.
  40. (with Dermot Leahy) "Public policy towards R&D in oligopolistic industries," American Economic Review, 87:4, September 1997, 642-662. Czech translation: "Veejná politika v oblasti výzkumu a vývoje v oligopolním prmyslu," Politická Ekonomie, 45:5, 1997, 683-698. [JSTOR]
  41. (with Dermot Leahy) "International R&D rivalry and industrial strategy without government commitment," Review of International Economics, 4:3, October 1996, 322-338.
  42. "Theoretical foundations of the ‘Geary Method’ for international comparisons of purchasing power and real incomes," Economic and Social Review, 27:2, January 1996, 161-179.
  43. (with Jim Anderson) "A new approach to evaluating trade policy," Review of Economic Studies, 63:1, January 1996, 107-125; reprinted in R.E. Falvey and U. Kreickemeier (eds.): Recent Developments in International Trade Theory, Edward Elgar 2005.
  44. "Factor mobility and international trade," Canadian Journal of Economics, 28, November 1995, S4-S23.
  45. "Trade liberalisation and shadow prices in the presence of tariffs and quotas," International Economic Review, 36:3, August 1995, 531-554.
  46. (with Jim Anderson and Geoff Bannister) "Domestic distortions and international trade," International Economic Review, 36:1, February 1995, 139-157.
  47. "Cost asymmetries in international subsidy games: Should governments help winners or losers?," Journal of International Economics, 37:3/4, November 1994, 197-218. [Published version]

  48. (with Dermot Leahy) "Time consistency, learning by doing and infant industry protection: The linear case," Economic and Social Review, 26:1, October 1994, 59-68.
  49. (with Jim Anderson) "The trade restrictiveness of the Multi-Fibre Arrangement," The World Bank Economic Review, 8:2, May 1994, 171-189.
  50. (with Jim Anderson) "Measuring the restrictiveness of trade policy," The World Bank Economic Review, 8:2, May 1994, 151-169.
  51. (with Jim Anderson) "Trade reform with quotas, partial rent retention and tariffs," Econometrica, 60:1, January 1992, 57-76; reprinted in C. Kowalczyk (ed.): The Theory of Trade Policy Reform, Cheltenham: Edward Elgar, 2001.
  52. "Immigration and real wages," Economics Letters, 30:2, 1989, 171-174.
  53. "Export subsidies and national welfare," Empirica: Austrian Economic Papers, 15:2, 1988, 243-261. Spanish Translation: "Subsidios a las Exportaciones y Bienestar Nacional," Estudios Económicos (El Colegio De México), 4:2, July-December 1989, 135-156.
  54. "Tariffs, quotas and voluntary export restraints with and without internationally mobile capital," Canadian Journal of Economics, 21:4, November 1988, 714-735. [JSTOR]
  55. (with Frances Ruane) "International capital mobility, shadow prices and the cost of protection," International Economic Review, 29:4, November 1988, 571-585.
  56. "Determinants of the equilibrium real exchange rate," American Economic Review, 78:1, March 1988, 210-215. [JSTOR]
  57. "Stability of the mobile-capital Harris-Todaro model: Some further results," Economica, 55:217, February 1988, 123-127. [JSTOR]
  58. (with Albert Schweinberger) "Factor content functions and the theory of international trade," Review of Economic Studies, 53:3, July 1986, 421-432.
  59. "Two-by-two international trade theory with many goods and factors," Econometrica, 53:5, September 1985, 1233-1247.
  60. "International factor mobility, minimum wage rates and factor-price equalization: A synthesis," Quarterly Journal of Economics, 100:3, August 1985, 551-570. [Published version]

  61. "The observational equivalence of the Ricardian and Heckscher-Ohlin explanations of trade patterns," Oxford Economic Papers, 37:1, March 1985, 142-147. [Published version]

  62. (with Sweder van Wijnbergen) "Can an oil discovery lead to a recession? A comment on Eastwood and Venables," Economic Journal, 94, June 1984, 390-395. [Published version]

  63. (with Joe Stiglitz) "Towards a reconstruction of Keynesian economics: Expectations and constrained equilibria," Quarterly Journal of Economics (Supplement), 98, 1983, 199-228; reprinted in G.K. Shaw (ed.): Schools of Thought in Economics: 1. The Keynesian Heritage, Volume 1, Aldershot: Gower Publishing, 1988. [Published version]

  64. (with Ron Jones and Frances Ruane) "Two-way capital flows: Cross-hauling in a model of foreign investment," Journal of International Economics, 14, 1983, 357-366.
  65. (with Max Corden) "Booming sector and de-industrialisation in a small open economy," Economic Journal, 92, December 1982, 825-848; reprinted in W.M. Corden: International Trade Theory and Policy: Selected Essays of W. Max Corden, Aldershot: Edward Elgar, 1992. [Published version]

  66. (with Doug Purvis) "Sectoral shocks in a dependent economy: Long-run adjustment and short-run accommodation," Scandinavian Journal of Economics, 84:2, 1982, 229-253; reprinted in L. Calmfors (ed.): Long-run Effects of Short-run Stabilisation Policy, London: Macmillan, 1983.
  67. "On the Harris-Todaro model with intersectoral capital mobility," Economica, 48, August 1981, 219-234.
  68. "On the short-run effects of technological progress," Oxford Economic Papers, 33:2, July 1981, 224-233.
  69. (with John Martin) "Variable labour supply and the pure theory of international trade: An empirical note," Journal of International Economics, 10, 1980, 549-559. [Published version]
  70. "Non-traded goods and the balance of trade in a neo-Keynesian temporary equilibrium," Quarterly Journal of Economics, 95, November 1980, 403-429.
  71. "This side of paradox, or, in defence of the Correspondence Principle: A reply to Herberg and Kemp," American Economic Review, 70, September 1980, 815-818.
  72. (with Kevin Roberts) "The theory of household behaviour under rationing," European Economic Review, 13, 1980, 25-42.
  73. (with Ron Jones) "Temporal convergence and factor intensities," Economics Letters, 3:4, 1979, 311-314.
  74. "Income distribution and the aggregate demand schedule in the short run," The Manchester School, 47, June 1979, 160-167.
  75. "Capital subsidies and employment in an open economy," Oxford Economic Papers, 30:3, November 1978, 334-356.
  76. "Dynamic stability and the theory of factor-market distortions," American Economic Review, 68:4, September 1978, 671-682; reprinted in J.N. Bhagwati, (ed.): International Trade: Selected Readings, Cambridge Mass.: MIT Press, 1981.
  77. "Short-run capital specificity and the pure theory of international trade," Economic Journal, 88, September 1978, 488-510; reprinted in J.N. Bhagwati, (ed.): International Trade: Selected Readings, Second Edition, Cambridge, Mass.: MIT Press, 1987; in D.A. Lake (ed.): The International Political Economy of Trade, Volume I, Aldershot: Edward Elgar, 1993; and in E. Leamer (ed.): Worth Series in Outstanding Contributions in Economics: International Trade, New York: Worth Publishers, 2001. [JSTOR]
  78. "A note on heteroscedasticity in cross-section regressions estimated from Irish county data," Economic and Social Review, 8:2, January 1977, 143-147.
  79. "Relative efficiency of absolute data and first differences in regression analysis: The case of autocorrelated disturbances," Economic and Social Review, 5:1, October 1973, 47-58.

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Other Academic Articles

  1. (with Cormac Ó Gráda) "Brendan M. Walsh (1940-2016): The economist at work," Economic and Social Review, 48:2, Summer 2017, 109-125.

  2. (Dermot Leahy and J.P. Neary) "Oligopoly and Trade," in D. Bernhofen, R. Falvey, D. Greenaway and U. Kreickemeier (eds.): Palgrave Handbook of International Trade, Basingstoke: Palgrave Macmillan, 2011, 197-235. [CEPR Discussion Paper No. 8172]

  3. Foreign direct investment: The OLI framework, ” in K.A. Reinert, R.S. Rajan, A.J. Glass and L.S. Davis (eds.): The Princeton Encyclopedia of the World Economy, Volume I, Princeton: Princeton University Press, 2009, 472-477.

  4. Purchasing Power Parity,” and “The Stolper-Samuelson Theorem,” in J.J. McCusker et al. (eds.): History of World Trade Since 1450, Volume 2, Farmington Mills: Macmillan Reference USA, 2005, 614-615 and 719-720.

  5. Monopolistic competition and international trade theory,” in S. Brakman and B.J. Heijdra (eds.): The Monopolistic Competition Revolution in Retrospect, Cambridge: Cambridge University Press, 2004, 159-184.

  6. (with Jim Mirrlees and Jean Tirole) "Evaluating economics research in Europe: An introduction," Journal of the European Economic Association, 1:6, December 2003, 1239-1249. [Published version]

  7. "The road less travelled: Oligopoly and competition policy in general equilibrium ,” in R. Arnott, B. Greenwald, R. Kanbur and B. Nalebuff (eds.): Economics for an Imperfect World: Essays in Honor of Joseph E. Stiglitz, Cambridge, Mass.: MIT Press, 2003, 485-500.

  8. (with Patrick Honohan) "W.M. Gorman, 1923-2003," Economic and Social Review, 34:2, Summer/Autumn 2003, 195-209.

  9. "Competition, trade and wages,” in D. Greenaway, R. Upward and K. Wakelin (eds.): Trade, Investment, Migration and Labour Market Adjustment, Basingstoke: Palgrave Macmillan, 2002, 28-46.

  10. "International trade: Commercial policy and trade negotiations,” International Encyclopedia of the Social and Behavioral Sciences, Volume 11, Oxford: Elsevier Science, 2001, 7837-7843.

  11. "R&D in developing countries: What should governments do?," in H. de Largentaye, P.-A. Muet, J.-F. Rischard and J.E. Stiglitz (eds.): Governance, Equity and Global Markets: Proceedings of the Annual World Bank Conference on Development Economics in Europe, Paris: La Documentation Francaise, 2000, 343- 350; and in P.-A. Muet and J.E. Stiglitz (eds.): Governance, Equity and Global Markets: The Annual Bank Conference on Development Economics - Europe, Oxford: Oxford University Press, 2001; French translation: "Recherche-developpement dans les pays en developpement: que devraient faire les gouvernements?,” Revue d'Economie du Developpement, 8:1-2, June 2000, 215-226.

  12. "The European Union Stability Pact and the case for European Monetary Union," Economic Outlook and Business Review, Belfast: First Trust Bank, 12:4, December 1997, 41-52.

  13. (with Rodney Thom) "Punts, pounds and euros: In search of an optimum currency area," IBAR: Journal of Irish Business and Administrative Research, 18, 1997, 211-225.

  14. "R.C. Geary's contributions to economic theory,,” in D. Conniffe (ed.): Roy Geary, 1896-1983: Irish Statistician, Dublin: Oak Tree Press in association with The Economic and Social Research Institute, 1997, 93-118.

  15. "Welfare effects of tariffs and investment taxes," in W.J. Ethier, E. Helpman and J.P. Neary (eds.): Theory, Policy and Dynamics in International Trade: Essays in Honor of Ronald W. Jones, Cambridge: Cambridge University Press, 1993, 131-156.

  16. (with Ron Jones) "Wage sensitivity rankings and temporal convergence," in E. Helpman and A. Razin (eds.): International Trade and Trade Policy, Cambridge, Mass.: MIT Press, 1991, 270-288.

  17. "Export subsidies and price competition," in E. Helpman and A. Razin (eds.): International Trade and Trade Policy, Cambridge, Mass.: MIT Press, 1991, 80-95.

  18. (with Cormac Ó Gráda) "Protection, economic war and structural change: The 1930s in Ireland," Irish Historical Studies, 27, May 1991, 250-266.

  19. (with Jim Anderson) "The coefficient of trade utilization: Back to the Baldwin Envelope," in R.W.Jones and A.O. Krueger (eds.): The Political Economy of International Trade: Essays in Honor of Robert E. Baldwin, Oxford: Basil Blackwell, 1990, 49-72.

  20. "Neo-Keynesian macroeconomics in an open economy," Chapter 1 of R. van der Ploeg (ed.): Advanced Lectures in Quantitative Economics, New York: Academic Press, 1990, 3-59.

  21. "Rationing," in J. Eatwell, M. Milgate and P. Newman (eds.): The New Palgrave: A Dictionary of Economics, Volume 4, London: Macmillan, 1987, 92-96.

  22. (with Ron Jones and Frances Ruane) "International capital mobility and the Dutch Disease," in H. Kierzkowski (ed.): Protection and Competition in International Trade: Essays in Honour of W.M. Corden, Oxford: Basil Blackwell, 1987, 86-98.

  23. "Natural resources and the macroeconomy: A theoretical framework," in J.P. Neary and S. van Wijnbergen (eds.): Natural Resources and the Macroeconomy, Oxford: Basil Blackwell and Cambridge, Mass.: MIT Press, 1986, 13-45; reprinted in P. Stevens (ed.): The Economics of Energy, Volume I, Cheltenham: Edward Elgar, 2000.

  24. "International trade," in A. and J. Kuper (eds.): The Social Sciences Encyclopedia, London: Routledge and Kegan Paul, 1985, 411-412; revised versions in Second Edition, 1996, 429-431; and forthcoming in Third Edition.

  25. "Theory and policy of adjustment in an open economy," in D. Greenaway (ed.): Current Issues in International Trade: Theory and Policy, London: Macmillan, 1985, 43-61; Second Edition 1996.

  26. "Real and monetary aspects of the Dutch Disease," in K. Jungenfelt and D. Hague (eds.): Structural Adjustment in Developed Open Economies, Proceedings of IEA Conference, London: Macmillan, 1985, 357-380. [Published version]

  27. (with Michael Moore) "Désequilibre intertemporel dans une économie ouverte," in P.-Y. Henin, W. Marois and P. Michel (eds.): Désequilibres En Economie Ouverte, Paris: Economica, 1985, 137-167.

  28. "The failure of economic nationalism," in Ireland: Dependence and Independence (RTE/UCD Lectures), Special Issue of The Crane Bag, 8:1, 1984, 68-77. [Published version: JSTOR]

  29. "The Heckscher-Ohlin model as an aggregate," in A. Ingham and A.M. Ulph (eds.): Demand, Equilibrium and Trade: Essays in Honour of Ivor F. Pearce, London: Macmillan, 1984, 57-76.

  30. (with Ron Jones) "The positive theory of international trade," Chapter 1 of R.W. Jones and P.B. Kenen (eds.): Handbook of International Economics, Volume 1, Amsterdam: North-Holland, 1984, 1-62; Reprinted in R.W. Jones (ed.): International Trade: Surveys of Theory and Policy, Amsterdam: North-Holland, 1986.

  31. (with Doug Purvis) "Real adjustment and exchange rate dynamics," in J.A. Frenkel (ed.): Exchange Rates and International Macroeconomics, Proceedings of NBER Conference, Chicago: University of Chicago Press, 1983, 285-308.

  32. (with Frances Ruane) "Inflation and growth," in D. McAleese and W.J.L. Ryan (eds.): Inflation in the Irish Economy: A Contemporary Perspective, Dublin: Helicon Press, 1982, 38-47.

  33. "Intersectoral capital mobility, wage stickiness and the case for adjustment assistance," in J.N. Bhagwati (ed.): Import Competition and Response, Proceedings of NBER Conference, Chicago: Chicago University Press, 1982, 39-67.

  34. An Econometric Study of the Irish Postal Services, ESRI Paper No. 80, 98 pp., 1975.

  35. "The CII-ESRI quarterly and monthly surveys of business attitudes: Methods and uses," in: Quarterly Economic Commentary, March 1975, Dublin: ESRI, 27-36.

  36. (with Terry Baker) "A study of consumer prices," in: Quarterly Economic Commentary, March 1971, October 1971, and October 1972, Dublin: ESRI.

  37. (with Terry Baker and Joe Durkan) "A study of imports, part V," in: Quarterly Economic Commentary, December 1970, Dublin: Economic and Social Research Institute (ESRI).

  38. (with Terry Baker) Quarterly Economic Commentary (a quarterly review of the Irish economy), Dublin: Economic and Social Research Institute (ESRI); seven issues: December 1970 to October 1972.

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Book Reviews

  1. Economic Geography and Public Policy, By Richard Baldwin, Rikard Forslid, Philippe Martin, Gianmarco Ottaviano and Frédéric Robert-Nicoud, Princeton University Press, 2003, pp. 487; Journal of International Economics, 70:2, December 2006, 503-507. [Published version]


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