Marginal effects of real exchange rate changes on exit by relative
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Note(s): Due to the skewed distribution of plants in terms of productivity and employment (many small and less productive plants and a few larger and very productive plants), the plots only include plants whose relative productivity and relative employment is within two standard deviations from their industry mean. This covers 98% of plants for Figures 5, and 97% of plants for 6. Figure 7 includes all plants. All variables are measured as deviations from 2-digit industry means. For example, relative productivity has a mean value of one; for a plant whose productivity is twice as much as the industry average, its relative productivity is two and its deviation from the mean of relative productivity is one. Marginal effects are evaluated at industry mean values.
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