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FY360° | Productivity, pricing power, and exports

A large literature shows the importance of firm heterogeneity in determining trade patterns. This column discusses policy implementation issues related to the ‘new new trade theory’. The nature of an export good – be it consumption or production oriented – influences the importance of firm productivity in the export decision. The relationship between productivity and markups also varies across industries; pro-export policies must take account of this, lest they exacerbate distortion.


In the last decade many economists and policymakers have been interested in the relationship between firm heterogeneity and exports. As economies globalise , it has become important to understand this relationship in order to devise effective industrial policies.

In academia, models by Melitz (2003) and Helpman et al. (2004) suggest that productive firms develop external markets by foreign direct investment (FDI) and exports, while less productive firms focus on domestic markets. Many empirical papers examine such implications and obtain supportive results. Loecker and Warzynski (2012) examin the relationship with markups and found that exporters have higher markups on average as well...

More:
www.voxeu.org/article/productivity-pricing-power-and-exports


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Lundi 8 Décembre 2014




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