In this thesis we analyse a problem of the real economic adjustment between two countries, one of which is an emerging market and the other is a developed economy. When they form a monetary union the only possible adjustment to asymmetric shocks transmitted internationally is through the real variables. We take into account existing asymmetries in the foreign direct investment (FDI) intensity and FDI relations. The issues of FDI and differences in the FDI intensity are real aspects of functioning of economies and relations between them. They reveal some problem from the macroeconomic perspective. However, the problem relates also to microeconomic foundations. The given trade and FDI relations between countries depend on decisions of firms that are heterogeneous. To study the effect of plant delocalization and FDI on output fluctuations between two countries we use a framework that accounts for all this issues, that means dynamic stochastic general equilibrium (DSGE) models with heterogeneity in firm productivity. We add a new dimension to the existing literature on DSGE models with heterogeneous firms. First, we complete goods market with a new segment of production, namely products offered by multinationals which produce abroad and export back to their economy of origin. Second, we account for asymmetries in the FDI intensity and differences in production structures that occur between two economies forming a monetary union. Summing things up, the analysis allows us to state that the real aspects of economy functioning, such as trade connections between countries and differences in production structures, determine economic performance and behaviour of economies in terms of output fluctuations.

Dans cette thèse, nous analysons la question de l’ajustement réel entre des économies de niveau de développement diffèrent au sein d’une union monétaire. Dans ce, les deux économies représentées – une économie développée et une économie émergente – ne peuvent utiliser le taux de change nominal pour s’ajuster à des chocs asymétriques. Pour étudier les conditions de l’ajustement réel entre ces pays, nous prenons en compte les flux d’investissements directs. En effet, ce type d’investissement a profité largement aux économies d’Europe de l’est non membres de le zone euro. Pour étudier cette question, nous utilisons un modèle DSGE (« dynamic stochastic general equilibrium ») permettant de micro fonder les décisions d’investissement direct sur l’hétérogénéité productive des firmes. Nous complétons la littérature existante dans ce domaine en privilégiant deux aspects : (1) les investissements directs peuvent être à la fois des substituts aux importations ou une solution retenue par les firmes pour réduire leurs coûts de production afin de réimporter des biens sur leur marché national et (2) les pays sont traités de manière asymétrique, afin de relier leur niveau de développement aux types de variétiés de biens (non échangeables, exportables, délocalisables). Nous évaluons de quelle manière ces éléments affectent la dynamique des économies à un choc de productivité asymétrique. De manière générale, on observe que les économies vont répondre de manière différente au niveau macroéconomique en fonction de leur structure productive. En résumé l’analyse proposée dans cette thèse montre que des différences structurelles et la possibilité pour les pays de s’engager dans des investissements directs détermine de manière critique la réaction des variables macroéconomiques à des chocs asymétriques. / In this thesis we analyse a problem of the real economic adjustment between two countries, one of which is an emerging market and the other is a developed economy. When they form a monetary union the only possible adjustment to asymmetric shocks transmitted internationally is through the real variables. We take into account existing asymmetries in the foreign direct investment (FDI) intensity and FDI relations. The issues of FDI and differences in the FDI intensity are real aspects of functioning of economies and relations between them. They reveal some problem from the macroeconomic perspective. However, the problem relates also to microeconomic foundations. The given trade and FDI relations between countries depend on decisions of firms that are heterogeneous. To study the effect of plant delocalization and FDI on output fluctuations between two countries we use a framework that accounts for all this issues, that means dynamic stochastic general equilibrium (DSGE) models with heterogeneity in firm productivity. We add a new dimension to the existing literature on DSGE models with heterogeneous firms. First, we complete goods market with a new segment of production, namely products offered by multinationals which produce abroad and export back to their economy of origin. Second, we account for asymmetries in the FDI intensity and differences in production structures that occur between two economies forming a monetary union. Summing things up, the analysis allows us to state that the real aspects of economy functioning, such as trade connections between countries and differences in production structures, determine economic performance and behaviour of economies in terms of output fluctuations.