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07.21 讲座：Firm-specific Exchange rate Shocks and Employment Adjustment: Theory and Evidence
发布时间：2015-07-20
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演讲主题：Firm-specific Exchange rate Shocks and Employment Adjustment: Theory and Evidence
演讲时间：2015年7月21日（星期二）15:30-17:00
地点：后主楼1610
演讲人：戴觅，北京师范大学经管学院
内容提要：
This paper investigates the impact of exchange rate shocks on the employment of individual firms. We develop a theoretical model linking employment changes to exchange rate shocks in all of the firm's export destinations, import sources, and import-competing countries. Exchange rate changes affect employment through changing the cost of imported inputs, the local-currency denominated export price, and the degree of import competition in the domestic market. We test the predictions of the model using Chinese firm-level data. Effective exchange rate changes are constructed at the firm level on both export and import sides. We find evidence that exchange rate changes affect employment through changing the cost of imported inputs and the local-currency denominated export price, while there is weak evidence of the import competition effects. In general, the employment effects of exchange rate changes are small, but there is substantial heterogeneity among firms with different degrees of internationalization.