Replication material for "From Macro to Micro: Large Exporters Coping with Global Crises"

We use monthly firm-level exports and imports of French firms over 1993-2020 -- which includes two major global crises -- matched with additional administrative firm-level data. We uncover four stlized facts about the role of large firms in aggregate exports concerning 1) the granular residual of aggregate exports; 2) the loadings of large firms on common shocks; 3) the reaction of top expoters to common shocks; and 4) the channels of their stronger response. These results suggest that idiosyncratic reactions of large firms to common shocks matter for aggregate export fluctuations. The readme indicates how getting access to confidential data, the non-confidential data being provided here.本研究采用1993年至2020年间法国企业的月度企业级进出口数据——该时段涵盖两次全球性重大危机——并将其与额外的企业级行政数据进行匹配。本研究揭示了关于大型企业在总量出口中作用的四项典型化事实，分别围绕：1）总量出口的颗粒残差；2）大企业对共同冲击的载荷系数；3）头部出口企业对共同冲击的响应；以及4）其更强响应的传导路径。上述结果表明，大型企业对共同冲击的异质性响应，会对总量出口波动产生显著影响。本自述文件将说明如何申请获取涉密数据，非涉密数据可在此处获取。