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Using firm and industry data, we establish two facts: (i) Uncertainty about demand conditions not only reduces export … of export shares from the most to the least productive incumbents. Greater skewness of the demand distribution and …
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This paper examines the institutions that enable households to insure against idiosyncratic risk. Using a decentralized general equilibrium model, I test for consumption and leisure insurance against unanticipated income shocks. I find that differential access to markets (particularly financial...
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