Philly Fed: US export growth could have been greater in the 90’s
A paper published in March by the Philadelphia Federal Reserve on export growth in the US shows that the reallocation of labour from large to smaller firms may explain the lower-than-expected rise in export production in the 1990's.
The paper studies the rise in US manufacturing exports from 1987 to 2002 using a monopolistically competitive model with heterogenous producers and sunk costs of exporting.
The paper differs from previous literature in that it assumes iceberg costs vary among
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