THE SKILL-BIASED EFFECTS OF EXCHANGE RATE FLUCTUATIONS

• 成果类型: Article
• 署名作者: Kaiser, Boris; Siegenthaler, Michael
• 署名单位: University of Bern
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12376
• 发表日期: 2016
• 页码: 756-780
• 关键词: import competition; EMPLOYMENT; TRADE; components; exporters; MARKET; IMPACT; FIRMS

摘要

This article examines the linkages between real exchange rate movements and firms' skill demand. Augmenting the model of Campa and Goldberg (2001) with heterogeneous labour, we show that exchange rate movements may affect unskilled workers differently than skilled workers because they change the relative price of imported inputs. Using panel data on Swiss manufacturers covering the period 1998-2012, we find that an appreciation increases high-skilled and reduces low-skilled employment in most firms. We present evidence consistent with our model that the skill-biased effects of exchange rates arise because unskilled labour is more substitutable with imported inputs than skilled labour.