The Real Exchange Rate, Innovation, and Productivity
构建动态异质性企业模型，研究实际汇率贬值对不同地区企业出口、进口、研发和生产率增长的差异化影响，发现东亚新兴经济体企业受益，其他新兴经济体受损，工业化经济体无显著平均效应。
Abstract We build a dynamic heterogeneous-firm model in which real depreciations raise export demand and the cost of importing intermediates, and also affect borrowing constraints and the profitability of engaging in research and development (R&D). A number of stylized facts on manufacturing firms for a large set of countries discipline our estimation: Firms in emerging East Asia are very export oriented and rely little on imported intermediates, whereas the opposite holds for Latin America and Eastern Europe; firms from industrialized countries export as much as they import. Exporters experience an increase in cash flow, R&D, and productivity growth in response to real exchange rate (RER) depreciations; importers experience the opposite outcomes. In counterfactual simulations of temporary RER movements, the effects on innovation and productivity growth are heterogeneous across regions, sizeable and persistent. In emerging Asia, real depreciations are associated with higher probabilities to engage in R&D, faster growth of average firm-level productivity and cash flow, and higher export entry rates; we find negative average effects on these outcomes for firms in other emerging economies, and no significant average effects for firms in industrialized economies.