A Microeconomic Analysis of the Aggregate Disconnect between Exchange Rates and Exports
2010/05/20
研討會日期 : 2010-05-20
時間 : 14:30
主講人 : Professor Robert Dekle
地點 : B110
演講者簡介 : Robert Dekle got his Ph.D. in Economics from Yale University in 1988. He is currently serving as Professor of Economics at University of Southern California. His research interest is in open-economy macroeconomics, international finance and trade, and East Asian growth and development.
演講摘要 : We reconcile the conflicting evidence between the aggregate and the microeconomic data on the exchange rate elasticity of exports. The estimation of typical macroeconomic export equations provides us with insignificant estimates for this elasticity, while recent firm level evidence suggests significantly negative values. Using Japanese firm data, we estimate a monopolistic competition model of exporting firms, and show that the exchange rate elasticity of exports is significantly negative at both firm and aggregate levels, with consistent aggregation. We identify the preferences and technology parameters and find the importance of decreasing returns to scale and the high elasticity of substitution among consumption goods in determining the magnitude of this elasticity.
