研究実績の概要 |
The objective of this study is (i) to develop a heterogenous-firms model of international trade and inventory management; (ii) estimate the model using firm-level data. Our main research achievements during the last year are as follows: First, we provided economic intuition behind our main theoretical results. In particular, we provided the intuition behind our formula for the welfare gains from trade and why this formula differs from the benchmark Arkolakis et al (2012). Second, we used Chinese firm-level customs data to estimate a full version of our model. Our estimates show how introduction of inventories into an otherwise standard Melitz model changes estimates of fixed and variable costs of trade.
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