NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Alejandro Cuñat

Department of Economics
University of Vienna
Oskar Morgenstern Platz 1
A-1090 Vienna
Austria

E-Mail: alejandro.cunat@univie.ac.at
Institutional Affiliation: University of Vienna

NBER Working Papers and Publications

May 2018The Real Exchange Rate, Innovation and Productivity: Heterogeneity, Asymmetries and Hysteresis
with Laura Alfaro, Harald Fadinger, Yanping Liu: w24633
We evaluate manufacturing firms' responses to changes in the real exchange rate (RER) using detailed firm-level data for a large set of countries for the period 2001-2010. We uncover the following stylized facts: In export-oriented emerging Asia, real depreciations are associated with higher firm-level probabilities to engage in R&D, faster growth of firm-level productivity and cash-flow and higher export entry rates. We find negative effects for firms in other emerging economies, which are relatively more import dependent, and no significant effects for firms in industrialized economies. Motivated by these facts, we build a dynamic model in which real depreciations raise the cost of importing intermediates, affect export demand, borrowing-constraints and the profitability of engaging in i...
April 2007Volatility, Labor Market Flexibility, and the Pattern of Comparative Advantage
with Marc J. Melitz: w13062
This paper studies the link between volatility, labor market flexibility, and international trade. International differences in labor market regulations affect how firms can adjust to idiosyncratic shocks. These institutional differences interact with sector specific differences in volatility (the variance of the firm-specific shocks in a sector) to generate a new source of comparative advantage. Other things equal, countries with more flexible labor markets specialize in sectors with higher volatility. Empirical evidence for a large sample of countries strongly supports this theory: the exports of countries with more flexible labor markets are biased towards high-volatility sectors. We show how differences in labor market institutions can be parsimoniously integrated into the workhorse mo...

Published: “Volatility, Labor Market Flexibility and Comparative Advantage” (joint with Alejandro Cunat), Journal of the European Economic Association citation courtesy of

 
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