Federal Reserve Bank of Minneapolis
90 Hennepin Ave
Minneapolis, MN 55401
NBER Program Affiliations:
NBER Affiliation: Faculty Research Fellow
Information about this author at RePEc
NBER Working Papers and Publications
|January 2016||How Exporters Grow|
with Stefanie Haller, Yaniv Yedid-Levi: w21935
We document how export quantities and prices evolve after entry to a market. Controlling for marginal cost, and taking account of selection on idiosyncratic demand, there are economically and statistically significant dynamics of quantities, but no dynamics of prices. To match these facts, we estimate a model where firms invest in customer base through non-price actions (e.g. marketing and advertising), and learn gradually about their idiosyncratic demand. The model matches quantity, price and exit moments. Parameter estimates imply costs of adjusting investment in customer base, and slow learning about demand, both of which generate sluggish responses of sales to shocks.
|March 2014||Exporters and Shocks: Dissecting the International Elasticity Puzzle|
with Stefanie Haller: w19968
We use micro data for Ireland to estimate how export participation and the export revenue of incumbent exporters respond to tariffs and real exchange rates. Both participation and revenue, but especially revenue, are more responsive to tariffs than to real exchange rates. Our estimates translate into an elasticity of aggregate exports with respect to tariffs of between -3.8 and -5.4, and with respect to real exchange rates of between 0.45 and 0.6, consistent with estimates in the literature based on aggregate data. We argue that forward-looking investment in customer base combined with the fact that tariffs are much more predictable than real exchange rates can explain why export revenue responds so much more to tariffs.
|July 2004||Specialization, Factor Accumulation and Development|
with Juan Carlos Hallak: w10638
We estimate the effect of factor proportions on the pattern of manufacturing specialization in a cross-section of OECD countries, taking into account that factor accumulation responds to productivity. We show that the failure to control for productivity differences produces biased estimates. Our model explains 2/3 of the observed differences in the pattern of specialization between the poorest and richest OECD countries. However, because factor proportions and the pattern of specialization co-move in the development process, their strong empirical relationship is not sufficient to determine whether specialization is driven by factor proportions, or by other mechanisms also correlated with level of development.
Published: Fitzgerald, Doireann and Juan Carlos Hallak. "Specialization, Factor Accumulation And Development," Journal of International Economics, 2004, v64(2,Dec), 277-302. citation courtesy of