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Employment versus Wage Adjustment and the U.S. Dollar (1998)
| Citations: | 14 - 1 self |
BibTeX
@MISC{Campa98employmentversus,
author = {Jose Manuel Campa and Linda S. Goldberg and Jose Manuel and Campa Linda and S. Goldberg},
title = {Employment versus Wage Adjustment and the U.S. Dollar},
year = {1998}
}
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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 specific U.S. manufacturing industries. Across two-digit industry levels of aggregation, exchange rate movements do not have large effects on numbers of jobs or on hours worked. More substantial effects are picked up in industry wages, especially for industries characterized by low price-over-cost markup ratios, and in overtime wages and overtime employment. The industry-by-industry pattern of wage responsiveness is not strongly related to industry export orientation or changes in overall external orientation. Industries with low price-overcost markups and those with a less skilled workforce exhibit relatively larger employment elasticities but lower wage elasticities. September 3, 1998 Jose Manuel Campa Linda S. Goldberg Stern School of Business, N.Y.U. Federal Reserve Bank of New York and N.B.E.R. and N.B.E.R. JEL codes: F31, F3, F4, J30, E24 ...
Keyphrases
employment versus wage adjustment u.s. dollar jose manuel campa linda annual data low price-over-cost markup ratio overtime activity skilled workforce exhibit specific u.s. manufacturing industry overall external orientation two-digit industry level wage responsiveness goldberg stern school industry export orientation large effect industry-by-industry pattern substantial effect overtime wage low price-overcost markup wage elasticity exchange rate movement industry wage employment elasticity overtime employment new york n.b.e.r. jel code real exchange rate n.y.u. federal reserve bank
