We document how demand shocks in export markets lead French multi-product exporters to re-allocate the mix of products sold in those destinations. In response to positive demand shocks, French firms skew their export sales towards their bestperforming products. We develop a theoretical model of multi-product firms and derive the specific demand conditions (with endogenous price elasticities) needed to generate these product-mix reallocations. Under those demand conditions, the increased competition from demand shocks in export markets also induce productivity changes within the firm. We empirically test for this connection between demand shocks and the productivity of multi-product firms. We find that this connection is economically substantial.

中文翻译：

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产品组合和企业生产力对贸易竞争的反应

我们记录了出口市场的需求冲击如何导致法国多产品出口商重新分配在这些目的地销售的产品组合。为应对积极的需求冲击，法国公司将出口销售转向表现最佳的产品。我们开发了一个多产品公司的理论模型，并推导出产生这些产品组合重新分配所需的特定需求条件（具有内生价格弹性）。在这些需求条件下，来自出口市场需求冲击的竞争加剧也会导致公司内部生产力发生变化。我们对需求冲击与多产品公司生产率之间的这种联系进行了实证检验。我们发现这种联系在经济上是巨大的。