, money base velocity, and the temporary component of the real exchange rate (TCRER) is estimated for Korea, Mexico, the …

depreciation and that this increase is greater for products with higher productivity, a consequence of local distribution costs. We …

on average firm-level productivity growth across regions into these channels. We then structurally estimate the model and … growth of firm-level productivity and cash-ow and higher export entry rates. We find negative average effects for firms in …