Nominal Exchange Rate Variability, Nominal Wage Rigidity, and the Pattern of Trade
Nominal Exchange Rate Variability, Nominal Wage Rigidity, and the Pattern of Trade
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发表时间：
2019
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通讯作者：
Ishise;Hirokazu
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作者：
Ishise;Hirokazu
名义汇率稳定是否会刺激国际贸易？本文通过考虑跨部门的差异影响，从理论上和实证上重新审视了这个古老但尚未解决的问题，特别关注与行业层面名义工资刚性的互动作用。程式化的模型阐明了机制；名义汇率发生变化后，贸易可能会增加或减少。然后我表明，从长期来看，如果一个部门面临工资刚性，名义汇率的波动会减少贸易。一个可检验的含义是，名义汇率变化较小的国家在密集使用粘性工资工人的行业中具有比较优势。世界贸易数据支持了这种比较优势类型的预测。
Does the stabilization of the nominal exchange rate stimulate international trade? This paper theoretically and empirically revisits this old but unresolved question by considering the differential impacts across sectors, particularly focusing on the interactive role with industry-level nominal wage rigidity. A stylized model clarifies mechanisms; after a change in the nominal exchange rate, trade may increase or decrease. I then show that in the long-run nominal exchange rate variability reduces trade if a sector faces the wage rigidity. A testable implication is that a country whose nominal exchange rate varies less has a comparative advantage in industries that intensively use sticky-wage workers. World trade data supports this comparative-advantage-type prediction.