Measurement of Real Income in the System of National Accounts: An Application to North American Economies

Abstract

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Trading gains: terms‐of‐trade and real‐exchange‐rate effects

“…Note that the impact of changes in the prices of traded and nontraded goods on domestic factor rewards can be obtained directly from the Stolper-Samuelson elasticities if estimates of these are available. 45 43 Statistics Canada has also been applying these concepts in a number of research projects; see Macdonald (2010Macdonald ( , 2020, for instance. 44 See Diewert and Lawrence (2006), for instance.…”