Trade Adjustment and Productivity in Large Crises
研究了阿根廷危机期间贸易调整的机制，发现企业内进口投入品调整作用显著，而企业或产品进出作用较小，并构建模型说明进口价格冲击会显著降低生产率。
We empirically characterize the mechanics of trade adjustment during the Argentine crisis. Though imports collapsed by 70 percent from 2000 to 2002, the entry and exit of firms or products at the country level played a small role. The within-firm churning of imported inputs, however, played a sizeable role. We build a model of trade in intermediate inputs with heterogeneous firms, fixed import costs, and roundabout production. Import demand is non-homothetic and the implications of an import price shock depend on the full distribution of firm-level adjustments. An import price shock generates a significant decline in productivity.