Global Firms in Large Devaluations
研究了大型货币贬值中企业同时进口和出口决策的影响，发现贬值导致进口投入占比上升和资源向进口密集型企业重新配置，这与标准贸易模型预测相反，并构建模型解释墨西哥微观数据中的特征。
Abstract I investigate the consequences of firms’ joint import and export decisions in the context of large devaluations. I provide empirical evidence that large devaluations are characterized by an increase in the aggregate share of imported inputs in total input spending and by reallocation of resources toward import-intensive firms, contrary to what standard quantitative trade models predict. These facts are explained by the expansion of exporters, which are intense importers. I develop a model where firms globally decide their import and export strategies and discipline it to match salient features of the Mexican micro data. After a devaluation, the model reproduces the pattern of low aggregate substitution and firm reallocation observed in the data. Compared with a benchmark without global firms, the model predicts higher growth of total exports and imports and a smaller reduction in the trade deficit.