聚合工业生产率对产业内贸易的影响外文翻译.docVIP

外文翻译 原文 THE IMPACT OF TRADE ON INTRA-INDUSTRY REALLOCATIONS AND AGGREGATE INDUSTRY PRODUCTIVITY Material Source: Econometrica, Vol. 71, No. 6 (Nov., 2003), pp. 1695-1725 Author: BY MARC J. MELITZ1 This paper develops a dynamic industry model with heterogeneous firms to analyze the intra-industrye ffects of internationalt rade. 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 simul-taneously force the least productive firms to exit. It then shows how further increases in the industrys 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 Hopenhayns (1992a) dynamic industry model to monopolistic competition in a general equilibrium setting. In so doing, the paper provides an extension of Krugmans (1980) trade model that incorporates firm level productivity differences. Firms with different productivityl evels coexist in an industryb ecause each firmf aces initialu ncertaintyc on-cerning its productivityb efore makinga n irreversiblei nvestmentt o enter the industry. Entry into the export market is also costly, but the firms decision to export occurs after it gains knowledge of its productivity. KEYWORDS: Intra-industrytr ade, firmh eterogeneity,f irm dynamics,s election. INTRODUCTION RECENT EMPIRICAL RESEARCH using longitudinal plant or firm-level data from several countries has overwhelmingly substantiated the existence of large and persistent productivity differences among establishments in the same narrowly defined industries. Some of these studies have further shown that these pro-ductivity differences are strongly correlat