External Shocks, Trade Margins, and Macroeconomic Dynamics

被引：0

作者：

D'Addona, Stefano ^{[1
]}

Cavallari, Lilia ^{[1
]}

机构：

[1] Univ Roma Tre, Dept Polit Sci, Via Ostiense 159, I-00154 Rome, Italy

来源：

ECONOMIES | 2020年 / 8卷 / 01期

关键词：

trade margins; firm entry; exchange rate policy; international business cycle; panel var; dsge model; comparative advantage; EXCHANGE-RATE VOLATILITY; ENDOGENOUS TRADABILITY; ENTRY; COSTS; REAL; FLUCTUATIONS; VARIETY; REGIMES; MARKUPS; EXPORTS;

D O I：

10.3390/economies8010006

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the role of the exchange rate regime for trade of new products. It first provides VAR evidence that a rise in external productivity shifts trade away from new products and more so in fixed regimes. Then, it presents a model with firm dynamics in line with this evidence. We argue that exchange rate policy can affect firms' entry decisions with consequences for the competitiveness of a country's exports well beyond the short run. In our setup, fixed exchange rates can foster the competitiveness of firms that trade new products, while flexible rates favor firms that produce mature products.

引用

页数：26

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