NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Haishi Li

University of Chicago
Kenneth C. Griffin Department of Economics
Saieh Hall
5757 S University Ave
Chicago, IL 60637

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Institutional Affiliation: University of Chicago

NBER Working Papers and Publications

November 2017The Life-Cycle Dynamics of Exporters and Multinational Firms
with Anna Gumpert, Andreas Moxnes, Natalia Ramondo, Felix Tintelnot: w24013
This paper studies the life-cycle dynamics of exporters and multinational enterprises (MNEs). Using rich firm-level data, we document a comprehensive set of facts on entry, exit, and growth of new exporters and new MNEs. Guided by these facts, we build a model based on the standard proximity-concentration trade-off extended to incorporate time-varying firm productivity and sunk costs of MNE entry. The calibrated version of the model goes far in matching cross-sectional and dynamic moments of the data on exporters and MNEs. We show that including the choice to become an MNE affects the predicted export dynamics after trade liberalization. The different dynamics in a model with and without MNEs hinge on the right truncation of fast-growing exporters induced by the inclusion of the MNE choice...
 
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