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</html><description>Trade economists have for long considered gravity models to estimate unexhausted potentials for bilateral trade. Similar to the discrepancy between "normal" and "actual" bilateral trade, one may ask the question about the difference between "normal" and actual bilateral multinational activity. However, with multinational activity, zero bilateral data and heteroscedasticity are very import ant, even more [&hellip;]</description><thumbnail_url>https://www.fiw.ac.at/wp-content/uploads/2023/03/wifo_fiw_logo_short_rgb.jpg</thumbnail_url><thumbnail_width>843</thumbnail_width><thumbnail_height>293</thumbnail_height></oembed>
