Firm Responses and Wage Effects of Foreign Demand Shocks with Fixed Labor Costs and Monopsony

• 成果类型: Article
• 署名作者: Dhyne, Emmanuel; Kikkawa, Ayumu Ken; Komatsu, Toshiaki; Mogstad, Magne; Tintelnot, Felix
• 署名单位: European Central Bank; National Bank of Belgium; University of British Columbia; National Bureau of Economic Research; National Taiwan University; University of Chicago; Duke University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282; 1944-7981
• DOI: 10.1257/aer.20220948
• 发表日期: 2025-12
• 页码: 4328-4368
• 关键词: trade liberalization; import competition; MARKET; PRODUCTIVITY; INEQUALITY; PREMIUMS; models; share; rise

摘要

We quantify the firm responses and real wage effects of foreign demand shocks. We use Belgian microdata to construct firm-specific measures of demand shocks, which capture that firms pass on foreign demand shocks to domestic suppliers. Our estimates of firm responses to these shocks suggest that firms face upward-sloping labor supply curves and have sizable fixed labor costs. We specify a general equilibrium model with these features to quantify the aggregate effects of simulated tariff shocks on wages. We find that ignoring fixed labor costs substantially underestimates aggregate effects on wages, whereas incorporating upward-sloping labor supply appears less consequential. (JEL D22, F13, F16, J22, J31, J42, L25)