FIRM EXPORT DYNAMICS AND THE EXCHANGE RATE: A QUANTITATIVE EXPLORATION
构建了一个企业动态理论模型，复制了实证文献中的出口弹性估计值及企业的异质性反应，发现分销成本是解释汇率对出口影响的关键因素。
Abstract This article provides a theoretical model of firm dynamics that replicates the export elasticity values estimated in the empirical literature, and the heterogeneous response of firms. The analysis of alternative versions of the model allows for a decomposition of the contributions of the different mechanisms (distribution costs, imported intermediate inputs, gradual growth of foreign demand, and market access costs in foreign/domestic currency). Distribution costs represent the most important factor to replicate elasticity estimations. Furthermore, distribution costs allow the model to replicate the heterogeneous response of exports to exchange rate movements by decreasing the demand elasticity of more productive firms.