研讨论文

The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity

论文作者：Marc J. Melitz

发表信息：Econometrica, Vol. 71, No. 6 (Nov., 2003), pp. 1695-1725

主讲人

胡天霖

时间

1月18日18:30~21:30

地点

腾讯会议 259-988-356

点评老师

王忏、明洋

活动对象

创新发展学院研究生

论文摘要

This paper develops a dynamic industry model with heterogeneous firms to analyze the intra-industry effects of international trade. The model shows how the exposure to trade will induce only the more productive firms to enter the export market (while some less productive firms continue to produce only for the domestic market) and will simultaneously force the least productive firms to exit. It then shows how further increases in the industry's exposure to trade lead to additional inter-firm reallocations towards more productive firms. The paper also shows how the aggregate industry productivity growth generated by the reallocations contributes to a welfare gain, thus highlighting a benefit from trade that has not been examined theoretically before. The paper adapts Hopenhayn's (1992a) dynamic industry model to monopolistic competition in a general equilibrium setting. In so doing, the paper provides an extension of Krugman's (1980) trade model that incorporates firm level productivity differences. Firms with different productivity levels coexist in an industry because each firm faces initial uncertainty concerning its productivity before making an irreversible investment to enter the industry. Entry into the export market is also costly, but the firm's decision to export occurs after it gains knowledge of its productivity.