Trade Adjustment and Productivity in Large Crises

• 成果类型: Article
• 署名作者: Gopinath, Gita; Neiman, Brent
• 署名单位: Harvard University; University of Chicago
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.3.793
• 发表日期: 2014
• 页码: 793-831
• 关键词: INTERNATIONAL-TRADE; intermediate inputs; gains; terms; margins; scale

摘要

We empirically characterize the mechanics of trade adjustment during the Argentine crisis. Though imports collapsed by 70 percent from 2000 to 2002, the entry and exit of firms or products at the country level played a small role. The within-firm churning of imported inputs, however, played a sizeable role. We build a model of trade in intermediate inputs with heterogeneous firms, fixed import costs, and roundabout production. Import demand is non-homothetic and the implications of an import price shock depend on the full distribution of firm-level adjustments. An import price shock generates a significant decline in productivity.