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American Economic Review
R&R, Journal of Political Economy (resubmitted)
Lifting firms' financing frictions increases aggregate welfare by 5%.
Only 20% of the gains come from a better allocation of factors, while 80% come from capital accumulation.
Liquidity Constrained Exporters
Migrants, Ancestors and Investment
There are many German descendants in a US county if that county was attracting immigrants precisely at the same time when Germans were emigrating.
Using this instrumental variable over 130 years, we find a strong causal impact of ancestry on FDI, but little or no effect on trade.
If firms face fixed export costs, then liquidity constraints may prevent a firm from exporting: the health of its balance sheet matters for exporting.
A currency devaluation hurts domestic firms balance sheets, and may hurt aggregate exports despite its pro-competitive effect.
The Dynamic Impact of Trade Opening with Heterogeneous Firms
When trade barriers are high, (too) many firms can survive, sheltered from foreign competition.
After a trade liberalization, it takes a long time for those firms to exit.
The economy may overheat for a while.
Technological Mismatch: a Model of International Trade in Goods and Ideas
Some people are good at inventing new technologies, and some at implementing them. Both don't always live in the same country.
When international trade in ideas is allowed, talented inventors team up with talented craftsmen, world production and world trade go up.
Work in Progress
Economic Geography and International Inequality in General Equilibrium