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Exchange rate volatility has been identified as one of the drivers of export diversification. Previous studies have assumed a symmetric relationship between the two variables. However, because volatility could be positive or negative and economic agents react to these changes differently, recent...
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functions together with detailed product-level information on prices and quantities to estimate physical productivity, markups … based on commonly used measures of revenue productivity. In contrast, we measure sizable efficiency gains using measures … that are not affected by pricing heterogeneity, such as marginal costs and physical productivity. Exploiting exogenous …
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