He received his Ph.D. in Economics from Yale University. This paper was written while he was a visiting scholar in the World Economic Studies Division of the IMF Research Department. Comments from David T. Coe, Robert P. Ford, Jeffrey Frankel, Tamim Bayoumi, Manmohan S. Kumar, Swarthmore colleagues, and Janet Ceglowski were helpful. Yutong Li provided very capable research assistance. Bernard Menendez of the OECD Statistics Department provided the trade data used in this paper.