Inventories, Lumpy Trade, and Large Devaluations
研究发现交货延迟和交易规模经济导致进口商不频繁进口并持有额外库存，这些摩擦的关税等值高达20%，并改变进口和价格的动态，有助于解释大幅贬值后进口短期骤降和零售价格缓慢上升的现象。
We document that delivery lags and transaction-level economics of scale matter for international trade, leading importers to import infrequently and hold additional inventory. In a model with these frictions calibrated to empirical measures of inventory and trade lumpiness, these frictions have a large (20 percent) tariff equivalent, mostly due to inventory carrying costs. These frictions also alter the dynamics of imports and prices. Consistent with evidence from large devaluation episodes in six developing economies, following terms-of-trade and interest rate shocks, the model generates a short-term implosion of imports and a gradual increase in the retail price of imports.