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These techniques allow us to develop a theory\u2010consistent approach to the estimation of cross\u2010sectional gravity equations that can accommodate the endogeneity of policy variables. We apply this approach to a dataset in which the policy decision of interest is the engagement in a free\u2010trade agreement. We explore ways to exploit the transitivity observed in the formation of trade agreements to construct instrumental variables with considerable predictive ability. Within a bilateral model, the use of these instruments has strong theoretical foundations. We obtain point estimates of the partial effect of a preferential\u2010trade agreement on trade volume that range between 20% and 30% and find no statistical evidence of endogeneity.<\/jats:p>","DOI":"10.1002\/jae.2932","type":"journal-article","created":{"date-parts":[[2022,8,23]],"date-time":"2022-08-23T19:47:58Z","timestamp":1661284078000},"page":"1121-1137","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":16,"title":["Instrumental\u2010variable estimation of exponential\u2010regression models with two\u2010way fixed effects with an application to gravity equations"],"prefix":"10.1002","volume":"37","author":[{"given":"Koen","family":"Jochmans","sequence":"first","affiliation":[{"name":"Toulouse School of Economics Universit\u00e9 Toulouse Capitole  Toulouse France"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Vincenzo","family":"Verardi","sequence":"additional","affiliation":[{"name":"Universit\u00e9 de 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