! DEPARTAMENTO DE FUNDAMENTOS DEL ANÁLISIS ECONÓMICO ! ! SEMINARIO DE INVESTIGACIÓN The Measured Productivity Puzzle: Are Exporters More Productive than Non-Exporters? PONENTES: Timothy J. Kehoe (University. of Minnesota y Federal Reserve Bank of Minneapolis) y Pau S. Pujolràs (McMaster University) ! ABSTRACT: Recent research in international trade simultaneously has developed along two branches. Empirical research measures plants’ productivity and shows that exporters are more productive than non-exporters. Theoretical research develops models of heterogeneous firms and shows that exporters are more efficient than non-exporters. We argue that there is a disconnect: the measure of firm productivity used in the empirical literature does not match the efficiency parameter in the theoretical literature. Applying the empirical measure of productivity to the model, we find that the most efficient non-exporters’ productivity is higher than that of the least efficient exporters, new exporters’ productivity falls after trade liberalization, and the variance in measured productivity is very small. In a calibrated model, we show that measured productivity of all exporters is smaller than that of non-exporters and the productivity of all firms falls after a trade liberalization. Fecha: 3 de Julio de 2015 Hora: 12:30h. ! ! Lugar: Seminario Tino Martinez Gallur Facultad de Economía y Empresa, Campus de Espinardo, Murcia. !