Exporters and shocks

• 成果类型: Article
• 署名作者: Fitzgerald, Doireann; Haller, Stefanie
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University College Dublin
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2018.04.005
• 发表日期: 2018
• 页码: 154-171
• 关键词: Exporters; TARIFFS; Real exchange rates; International Elasticity Puzzle

摘要

We use micro data for Ireland to estimate the responses of export entry, export exit, and the export revenue of incumbent exporters to changes in tariffs and real exchange rates. Entry and revenue are much more responsive to tariffs than they are to real exchange rates. Our estimates translate into an elasticity of aggregate exports with respect to tariff changes of between -1.5 and -3.5 on impact, and between -2 and -5 in the long run. Comparable elasticities for real exchange rate changes are around 0.5 on impact, and between 0.6 and 0.8 in the long run. These estimates are consistent with estimates in the literature based on aggregate data. They provide further evidence that workhorse models of international trade and business cycles which impose identical responses must be modified in order to answer policy questions touching on both international trade and the current account. (C) 2018 Elsevier B.V. All rights reserved.