NEW EXPORTER DYNAMICS

• 成果类型: Article
• 署名作者: Ruhl, Kim J.; Willis, Jonathan L.
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12232
• 发表日期: 2017
• 页码: 703-726
• 关键词: INTERNATIONAL-TRADE; sunk costs; entry; FIRMS; Heterogeneity; PRODUCTIVITY; hysteresis; selection; industry; demand

摘要

We document that new exporters initially export small amounts, grow gradually, and are most likely to exit the export market in their first few years. We find that the standard sunk-cost model cannot replicate these new exporter dynamics: New exporters grow too large too quickly and live too long. In a modified sunk-cost model that can account for these facts, the entry costs needed to match the data are three times smaller than in the sunk-cost model. Dynamic models with richer plant-level heterogeneity are needed.