Job creation, job destruction, and the real exchange rate

• 成果类型: Article
• 署名作者: Klein, MW; Schuh, S; Triest, RK
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Boston; Tufts University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(02)00022-3
• 发表日期: 2003
• 页码: 239-265
• 关键词: Real exchange rates; gross job flows; openness

摘要

Welfare gains from trade are reduced by adjustment costs associated with factor reallocation, but most studies of the effects of trade on labor markets focus only on net employment change. This paper takes a step toward identifying trade-related adjustment costs by estimating the effects of real exchange rates on labor reallocation using a new model of gross job creation and destruction applied to detailed U.S. manufacturing industries between 1973 and 1993. Trend real exchange rates significantly affect job reallocation but not net employment. Cyclical real exchange rates significantly affect net employment through job destruction only. (C) 2002 Elsevier Science B.V. All rights reserved.