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Employment Versus Wage Adjustment And The U.S. Dollar

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Author Info
Jose Manuel Campa
Linda S. Goldberg

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Abstract

Using two decades of annual data, we explore the links between real exchange rates and employment, wages, and overtime activity in U.S. manufacturing industries. Especially in industries with lower price-over-cost markups, exchange rates have statistically significant effects on industry wages, with the magnitude of these effects rising as industries increase their export orientation and declining as imported input use becomes more important. Exchange rate implications for jobs and hours worked are smaller and less precisely measured. We find a much higher response of overtime wages and overtime hours to transitory exchange rates movements. © 2001 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog

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Publisher Info
Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 83 (2001)
Issue (Month): 3 (August)
Pages: 477-489
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Handle: RePEc:tpr:restat:v:83:y:2001:i:3:p:477-489

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Ian Domowitz & R. Glenn Hubbard & Bruce C. Petersen, 1986. "Business Cycles and the Relationship Between Concentration and Price-Cost Margins," RAND Journal of Economics, The RAND Corporation, vol. 17(1), pages 1-17, Spring. [Downloadable!] (restricted)
  2. Jose Campa & Linda S. Goldberg, 1995. "Investment, Pass-Through and Exchange Rates: A Cross-Country Comparison," NBER Working Papers 5139, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Davis, Steven J. & Haltiwanger, John, 2001. "Sectoral job creation and destruction responses to oil price changes," Journal of Monetary Economics, Elsevier, vol. 48(3), pages 465-512, December. [Downloadable!] (restricted)
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  4. Goldberg, Linda S, 1993. "Exchange Rates and Investment in United States Industry," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 575-88, November. [Downloadable!] (restricted)
  5. Knetter, Michael M, 1989. "Price Discrimination by U.S. and German Exporters," American Economic Review, American Economic Association, vol. 79(1), pages 198-210, March. [Downloadable!] (restricted)
  6. Clarida, Richard & Galí, Jordi, 1994. "Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?," CEPR Discussion Papers 951, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Linda Goldberg & Joseph Tracy, 1999. "Exchange Rates and Local Labor Markets," NBER Working Papers 6985, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Nickell, S.J., 1987. "Dynamic models of labour demand," Handbook of Labor Economics, in: O. Ashenfelter & R. Layard (ed.), Handbook of Labor Economics, edition 1, volume 1, chapter 9, pages 473-522 Elsevier. [Downloadable!] (restricted)
  9. William H. Branson & Richard C. Marston, 1989. "Price and Output Adjustment in Japanese Manufacturing," NBER Working Papers 2878, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Bodnar, G.M. & Dumas, B. & Marston, R.C., 1998. "Pass-Through and Exposure," Weiss Center Working Papers 98-01, Wharton School - Weiss Center for International Financial Research.
  11. Brunello, Giorgio, 1990. "Real exchange rate variability and Japanese industrial employment," Journal of the Japanese and International Economies, Elsevier, vol. 4(2), pages 121-138, June. [Downloadable!] (restricted)
  12. Dornbusch, Rudiger, 1987. "Exchange Rates and Prices," American Economic Review, American Economic Association, vol. 77(1), pages 93-106, March.
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  13. Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-47, October. [Downloadable!] (restricted)
  14. Marston, Richard C., 1990. "Pricing to market in Japanese manufacturing," Journal of International Economics, Elsevier, vol. 29(3-4), pages 217-236, November. [Downloadable!] (restricted)
  15. Simon Burgess & Michael M. Knetter, 1996. "An International Comparison of Employment Adjustment to Exchange Rate Fluctuations," NBER Working Papers 5861, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  16. Revenga, Ana L, 1992. "Exporting Jobs? The Impact of Import Competition on Employment and Wages in U.S. Manufacturing," The Quarterly Journal of Economics, MIT Press, vol. 107(1), pages 255-84, February. [Downloadable!] (restricted)
  17. John Y. Campbell & Richard H. Clarida, 1988. "The Dollar and Real Interest Rates," NBER Working Papers 2151, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Michael W. Klein & Scott Schuh & Robert K. Triest, 2000. "Job Creation, Job Destruction, and the Real Exchange Rate," NBER Working Papers 7466, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Linda Goldberg & Joseph Tracy, 2001. "Exchange rates and wages," Staff Reports 116, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  3. Haltiwanger, John & Kugler, Adriana & Kugler, Maurice & Micco, Alejandro & Pagés, Carmen, 2004. "Effects of Tariffs and Real Exchange Rates on Job Reallocation:Evidence from Latin America," Discussion Paper Series In Economics And Econometrics 0410, Economics Division, School of Social Sciences, University of Southampton. [Downloadable!]
    Other versions:
  4. Linda Goldberg & Joseph Tracy, 1999. "Exchange Rates and Local Labor Markets," NBER Working Papers 6985, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Michael Pfaffermayr & Peter Egger & Andrea Weber, 2007. "Sectoral adjustment of employment to shifts in outsourcing and trade: evidence from a dynamic fixed effects multinomial logit model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(3), pages 559-580. [Downloadable!]
  6. Alpay Filiztekin, 2005. "Exchange rates and employment in Turkish manufacturing," International Finance 0501004, EconWPA. [Downloadable!]
  7. Takhtamanova, Yelena & Sierminska, Eva, 2008. "Gender differences in the effect of monetary policy on employment: The case of nine OECD countries," IRISS Working Paper Series 2008-04, IRISS at CEPS/INSTEAD. [Downloadable!]
  8. Cedric Tille, 2002. "On the distributional effects of exchange rate fluctuations," Staff Reports 146, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  9. Michel Fouquin & Khalid Sekkat & J. Malek Mansour & Nanno Mulder & Laurence Nayman, 2001. "Sector Sensitivity to Exchange Rate Fluctuations," Working Papers 2001-11, CEPII research center. [Downloadable!]
  10. Black, Sandra & Brainerd, Elizabeth, 2002. "Importing Equality? The Impact of Globalization on Gender Discrimination," CEPR Discussion Papers 3532, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  11. Egger, Peter & Pfaffermayr, Michael & Weber, Andrea, 2003. "Sectoral Adjustment of Employment: The Impact of Outsourcing and Trade at the Micro Level," IZA Discussion Papers 921, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  12. Razzak, Weshah & Timmins, Jason, 2007. "A Macroeconomic perspective on skill shortages and the skill premium in New Zealand," MPRA Paper 1886, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  13. Sandra E. Black & Elizabeth Brainerd, 1999. "Importing equality? The effects of increased competition on the gender wage gap," Staff Reports 74, Federal Reserve Bank of New York. [Downloadable!]
  14. Black, Sandra E. & Brainerd, Elizabeth, 2002. "Importing Equality? The Impact of Globalization on Gender Discrimination," IZA Discussion Papers 556, Institute for the Study of Labor (IZA). [Downloadable!]
  15. Michael W. Klein & Scott Schuh & Robert K. Triest, 2002. "Job creation, job destruction, and international competition: a literature review," Working Papers 02-7, Federal Reserve Bank of Boston. [Downloadable!]
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