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Distorted Gravity:
The Intensive and Extensive Margins of International Trade

Thomas Chaney

 

American Economic Review, 2008

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Introducing firm heterogeneity leaves many of the predictions of the Krugman (1980) model of international trade unaffected. Most important, the gravity structure of bilateral trade flows is preserved. In this paper, I have identified a key difference between the Krugman model with representative firms and a model with firm heterogeneity. The impact of trade barriers is dampened by the elasticity of substitution, and not magnified by it. I introduce fixed export costs and adjustments on the extensive margin in a simple model of international trade. A high elasticity of substitution translates productivity differences into large differences in size. As firm sizes get more dispersed, fixed costs have a lesser impact on exports: large firms can easily overcome those fixed costs. Aggregate trade flows are less sensitive to trade barriers when goods are more substitutable.

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