Reallocation and productivity in resource-rich economies

• 成果类型: Article
• 署名作者: Heresi, Rodrigo
• 署名单位: Inter-American Development Bank
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2023.103843
• 发表日期: 2023
• 关键词: productivity; Resource booms; Open economy macroeconomics

摘要

I study the firm-level dynamic response of a commodity-exporting economy to global cycles in commodity prices. I propose a heterogeneous-firms model endogenizing manufacturing productivity slowdowns through reallocation towards less productive firms. Within a given sector, commodity booms reallocate market share away from exporters because of exchange rate appreciation and away from capital-intensive firms because of the increase in the required rate of return to capital. Using microdata for Chile, the largest copper producer worldwide, I provide empirical evidence for these channels. When fed with the commodity super-cycle of 2004-2012, the calibrated model generates between 13% to 32% of the observed productivity slowdown.