Importers, Exporters, and Exchange Rate Disconnect
---- Acknowledgements ----
We gratefully acknowledge the National Bank of Belgium for the use of its research facilities and data, and in particular Valere Bogaerts for help with the data collection, and Emmanuel Dhyne and Catherine Fuss for comments and data clarifications. We thank George Alessandria, Ariel Burstein, Elhanan Helpman, Doireann Fitzgerald, Linda Goldberg, Logan Lewis, Nick Li, Ben Mandel, Ulrich Müller, Steve Redding, Esteban Rossi-Hansberg, DavidWeinstein, Hylke Vandenbussche and seminar participants at multiple venues for insightful comments. We also thank Sydnee Caldwell, Stefaan Decramer, Cecile Gaubert, Diego Gilsanz, and Mark Razhev for excellent research assistance. The views expressed in this paper are those of the authors and do not necessarily represent those of the Federal Reserve Bank of New York or the National Bank of Belgium, or the National Bureau of Economic Research.