Betting on Exports: Trade and Endogenous Heterogeneity

• 成果类型: Article
• 署名作者: Bonfiglioli, Alessandra; Crino, Rosario; Gancia, Gino
• 署名单位: Pompeu Fabra University; Barcelona School of Economics; Catholic University of the Sacred Heart; Centre de Recerca en Economia Internacional (CREI)
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12408
• 发表日期: 2018
• 页码: 612-651
• 关键词: INTERNATIONAL-TRADE; firm heterogeneity; PRODUCTIVITY; size; INNOVATION; wage; INEQUALITY; EVOLUTION; DYNAMICS; GROWTH

摘要

We study the determinants of firm-level heterogeneity in a model where innovation choices upon entry affect the variance of productivity draws. In equilibrium, productivity is Pareto distributed with a shape parameter that depends on industry-level characteristics. We show that export opportunities, by increasing the pay-offs in the tail, induce firms to invest in bigger projects with more dispersed outcomes. When more productive firms pay higher wages, trade amplifies wage dispersion by making firms more unequal. These results are consistent with how firm size, innovation and wage heterogeneity vary in a panel of US industries and states.