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. (JEL D22, E32, F14, L60)

中文翻译：

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发泄：国内低迷时期的出口

我们使用 2002-2013 年西班牙制造公司的数据研究了国内需求冲击与出口之间的关系。利用大萧条造成的看似合理的外生地理差异，我们发现国内销售额下降幅度更大的公司出口流量增加更大，控制了公司的供应决定因素。这一结果表明出口市场有能力抵消当地需求冲击的负面影响。通过结构性地估计具有非恒定边际生产成本的异质企业出口模型，我们得出结论，这些企业层面的反应占 2009-2013 年期间西班牙商品出口惊人增长的一半。(JEL D22, E32, F14, L60)