The Real Exchange Rate, Innovation and Productivity: A Cross-country Firm-level Analysis. Laura Alfaro, 2017, Paper, “We use firm-level data for a large set of countries for the period 2001-2010 to evaluate manufacturing firms’ responses to changes in the real exchange rate (RER). We find that, in East Asian emerging countries, real depreciations are associated with faster firm-level TFP and sales growth; higher probabilities to engage in R&D; higher probabilities to export and higher export intensity; lower probabilities to import intermediate inputs; lower import intensity; and higher growth of cash flow.Link