Do Sunk Costs of Exporting Matter for Net Export Dynamics?
在一个一般均衡模型中评估出口参与决策对净出口与实际汇率联动性的影响，发现尽管模型能复现美国出口商的商业周期动态，但出口决策的总体效应微乎其微，与以往局部均衡分析结论不同。
Firms start and stop exporting. Previous research suggests that these export participation decisions alter the comovement of net exports with the real exchange rate. We evaluate these predictions in a general equilibrium environment. Specifically, assuming firms face an up-front, sunk cost of entering foreign markets, and a smaller period-by-period continuation cost, we derive the discrete entry and exit decisions yielding exporter dynamics in an open economy business cycle model. The model's business cycle exporter dynamics are consistent with that of U.S. exporters. However, in contrast to previous partial equilibrium analyses, model results reveal that export decisions have negligible aggregate effects.