Venting out: Exports during a domestic slump

Miguel Almunia, Pol Antràs, David Lopez-Rodriguez, Eduardo Morales

Research output: Contribution to journalArticlepeer-review

23 Scopus citations


We study the relationship between domestic-demand shocks and exports using data for Spanish manufacturing firms in 2002–2013. Exploiting plausibly exogenous geographical variation caused by the Great Recession, we find that firms whose domestic sales declined by more experienced a larger increase in export flows, controlling for firms’ supply determinants. This result illustrates the capacity of export markets to counteract the negative impact of local demand shocks. By structurally estimating a heterogeneous-firm model of exporting with nonconstant marginal costs of production, we conclude that these firm-level responses accounted for half of the spectacular increase in Spanish goods exports over the period 2009–2013.

Original languageEnglish (US)
Pages (from-to)3611-3662
Number of pages52
JournalAmerican Economic Review
Issue number11
StatePublished - Nov 2021

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


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