Firm heterogeneity, variable markups, and multinational production: A review from trade policy perspective
Journal of Economic Surveys, 2022, vol. 36, issue 5, 1311-1357
This paper surveys the main ingredients and results of heterogeneous firms trade policy literature that has been developing since the early 2000s. First, I present the stylized facts regarding firm heterogeneity, firm‐level markups, and multinational production's (MP) global structure. I then survey the trade policy papers that build on the workhorse model of firm heterogeneity. Third, I summarize the recent development of theoretical approaches of modeling the firm‐level markups and its trade policy implication. Fourth, I discuss the theoretical frameworks that incorporate MP into heterogeneous firms' framework and their trade policy implication. Finally, I discuss directions for future research and offer suggestions for further readings.
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Working Paper: Firm Heterogeneity, Variable Markups, and Multinational Production: A Review from Trade Policy Perspective (2021)
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