Building on a heterogeneous-firm model à la Melitz (2003), we propose a theory of intermediaries in international trade which rationalizes the available evidence on both aggregate and firm-level exports as well as their responsiveness to exchange rate movements. We introduce double...

In this article we propose a new methodology for computing the aggregate productivity of an industry, its variations and decompositions of the latter into changes of individual productivities (within effect) and changes in industry composition (between effect). Current aggregate measures rely on...

Using data on cross border transactions together with an informative measure of financing constraints this paper provides new evidence that limited access to external capital narrows the scale of foreign sales, the exporters' product scope and the number of trade partners. It shows that...

The paper examines the causal effect of financial constraints on firm exports. We exploit a firm-level proxy of constraints based on credit ratings and available for a large panel of Italian exporting and non exporting firms. Our estimation strategy allows to cure for self-selection into exports...

This paper aims at investigating the evolution of the employment and wage structure of Italian manufacturing firms in the early 2000s. The work analyzes whether skills and wage movements have been taken place between or within sectors, and within sector, between or within firms. We show that...