Exchange rates and local labor markets
We document the consequences of real exchange rate movements for the employment, hours, and hourly earnings of workers in manufacturing industries across individual states. Exchange rates have statistically significant wage and employment implications in these local labor markets. The importance and size of these dollar-induced effects vary considerably across industries and are more pronounced in some U.S. regions. In addition to demonstrating the importance of exchange rate shocks, we confirm prior research results showing that relatively strong local conditions drive up wages in local industries, while anticipated future (positive) local shocks reduce current wages.
|Date of creation:||1999|
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- Jose Manuel Campa & Linda S. Goldberg, 2001.
"Employment Versus Wage Adjustment And The U.S. Dollar,"
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- Jose Manuel Campa & Linda S. Goldberg, 1998. "Employment versus wage adjustment and the U.S. dollar," Staff Reports 56, Federal Reserve Bank of New York.
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- Jose Manuel Campa & Linda S. Goldberg, 1996. "Investment, pass-through, and exchange rates: a cross-country comparison," Staff Reports 14, Federal Reserve Bank of New York.
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