Theories in which firms have heterogeneous productivities, such as those of Melitz (2003) and Chaney (2008), have been successful in capturing this empirical regularity that the average exporting firm is larger than the average nonexporter, but they fail to capture the richness of the...

We study export dynamics in a number of large devaluation episodes in emerging markets. Using plant level data, we document that exports expand gradually following a large devaluation primarily because the number of exporters expands gradually. We show that a model of exporter dynamics with sunk...

recession.