This paper analyses the impact of financial frictions on markup adjustments at the firm level. We use a rich panel data set that matches information on banking relationships with firm-level data. By relying on insights from recent contributions in the literature, we obtain exogenous credit...

In this paper we estimate the rate of total factor productivity (TFP) growth in 80 sectors of Brazilian manufacturing industry and use production functions to decompose TFP growth into technological progress and changes in efficiency. We find that growth of TFP was caused, in most sectors, by...

This paper studies the life-cycle dynamics of exporters and multinational enterprises (MNEs). We present a dynamic model of trade and MNE activity in which the mode of serving a market depends on the well-known proximity-concentration tradeoff. We show that the option of performing MNE...