Table 6: NTMs, Tariffs and pricing-to-market: Robustness

|Dep. var.|(1)|(2)|(3)|(4)|(5)<br>ln unit|(6)<br> values|(7)|(8)|(9)|(10)|
|---|---|---|---|---|---|---|---|---|---|---|
|ln RER|0.078<sup>_b_</sup>|-0.118|0.312|0.299<sup>_a_</sup>||0.073<sup>_b_</sup>|1.388<sup>_a_</sup>|0.243|0.092||
||(0.032)|(0.392)|(0.258)|(0.053)||(0.033)|(0.354)|(0.241)|(0.059)||
|_×_ ln(# product_t_0)|0.020|0.022<sup>_c_</sup>|0.020|0.033<sup>_a_</sup>|0.024<sup>_c_</sup>|0.017|0.018|0.020|.013|0.016|
||(0.013)|(0.012)|(0.013)|(0.013)|(0.013)|(0.016)|(0.017)|(0.017)|(0.016)|(0.018)|
|_×_ ln(tarif +1)|-0.679<sup>_a_</sup>|-0.751<sup>_a_</sup>|-0.731<sup>_a_</sup>|-0.487<sup>_a_</sup>|-0.250|-0.530<sup>_a_</sup>|-0.535<sup>_a_</sup>|-0.636<sup>_a_</sup>|-0.566<sup>_a_</sup>|-0.248|
||(0.154)|(0.162)|(0.168)|(0.153)|(0.164)|(0.163)|(0.169)|(0.173)|(0.163)|(0.187)|
|_×_ NTM AVE|0.233<sup>_a_</sup>|0.232<sup>_a_</sup>|0.235<sup>_a_</sup>|0.183<sup>_a_</sup>|0.108<sup>_b_</sup>|0.118<sup>_b_</sup>|0.107<sup>_b_</sup>|0.112<sup>_b_</sup>|0.089<sup>_c_</sup>|0.086<sup>_c_</sup>|
||(0.041)|(0.042)|(0.041)|(0.043)|(0.047)|(0.046)|(0.047)|(0.048)|(0.049)|(0.052)|
|_×_ ln(dest. GDP/cap.)||-0.070<sup>_c_</sup><br>(0.042)|||||0.044<br>(0.037)||||
|_×_ ln(dest. GDP)||0.015<br>(0.014)|||||0.008<br>(0.012)||||
|_×_ ln(dest. Mkt pot.)||0.012<br>(0.028)|||||-0.093<sup>_a_</sup><br>(0.025)||||
|_×_ln(dest/prod import)|||-0.018<sup>_b_</sup>|||||-0.003|||
||||(0.008)|||||(0.010)|||
|_×_ ln(distance)|||-0.005<br>(0.032)|||||-0.011<br>(0.029)|||
|_×_ Common language|||-0.038<br>(0.037)|||||-0.080<sup>_b_</sup><br>(0.035)|||
|_×_ Contiguity|||-0.048<br>(0.070)|||||0.087<br>(0.071)|||
|_×_ Consumer good||||-0.173<sup>_a_</sup>|||||0.054||
|||||(0.032)|||||(0.038)||
|_×_ Manuf. good||||-0.113<sup>_a_</sup><br>(0.039)|||||-0.061<br>(0.043)||
|_×_ Dif. good||||-0.108<sup>_a_</sup><br>(0.031)|||||0.005<br>(0.038)||
|ln(dest. GDP/cap)|0.201<sup>_a_</sup>|0.203<sup>_a_</sup>|0.207<sup>_a_</sup>|0.210<sup>_a_</sup>|0.186<sup>_a_</sup>|0.069<sup>_c_</sup>|0.092<sup>_a_</sup>|0.075<sup>_b_</sup>|0.071<sup>_b_</sup>|0.062<sup>_c_</sup>|
||(0.048)|(0.050)|(0.050)|(0.049)|(0.048)|(0.035)|(0.036)|(0.036)|(0.036)|(0.035)|
|Observations|95056|93653|91596|90292|95056|58132|56976|55932|55452|58132|
|Adj. R<sup>2</sup>|0.980|0.980|0.980|0.976|0.981|0.987|0.987|0.987|0.984|0.987|
|Firm_×_product_×_dest. FE|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|Yes|
|Origin_×_year FE|Yes|Yes|Yes|Yes|Yes|No|No|No|No|No|
|Firm_×_product_×_year FE<br>Additional controls|No<br>No|No<br>No|No<br>No|No<br>No|No<br>Yes|Yes<br>No|Yes<br>No|Yes<br>No|Yes<br>No|Yes<br>Yes|

> _c_ significant at 10 percent; _b_ significant at 5 percent; _a_ significant at 1 percent. Standard errors clustered by product-origin-destination-year are in parentheses. ln RER is the real exchange rate of the destination country vis-a-vis the USD. Additional controls include additional interaction terms between the RER variable and origin, destination groups, and sector (HS2) dummies (hence the RER variable alone drops). All estimations include an interaction term between ln RER and the total number of products exported by the firm at the beginning of the period. Consumer goods and differentiated goods are respectively defined according to the BEC and Rauch classifications. GDP, GDP per capita and total imports (by product) of the destination countries are beginning of the period values.

21