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Trade Shocks and Mexican Local Labor Markets in the Great Recession.pdf
(3.05 MB)
This paper studies the spread of the U.S. credit crisis to Mexican local labor markets, explicitly identifying the role that trade played in the transmission of the negative shock across the two countries. To identify the trade channel empirically, I exploit the variation in dependence on the U.S. market displayed by Mexican local labor markets. Differences in manufacturing industry structure caused by Mexico's opening process have made a subset of Mexican municipalities especially vulnerable to economic events in the U.S. Mexican regions that exported relatively more to the U.S. experienced large and significant differential effects when compared to municipalities more focused on the domestic market. Mexican regions with significant ties to the U.S. market experienced, during the crisis, a significantly larger decrease in employment and wages, and greater within local labor market adjustments than their less open counterparts, mainly characterized by large drops in manufacturing employment and significant increases in employment in the service and agricultural industries.
Markups and Misallocation with Trade and Heterogeneous Firms.pdf
(622.06 KB)
With general preferences, a monopolistic competition equilibrium can be inefficient in the way inputs are allocated towards production.This paper formalizes the welfare impact of reallocation of quantities across firms (within an industry) by comparing real income growth with the hypothetical case of no misallocation in quantities -- as is the case when consumer preferences are CES and producers choose a constant markup. In contrast, my monopolistic competition model is consistent with variable markups such that reallocations initiated by aggregate shocks that affect firms' demand or cost curves can impact allocative efficiency. Open economy shocks, even by raising income overall, can have opposing consequences for the misallocation distortion depending on the adjustment of the market power distribution. Using firm-level data from Chile for 1995-2007, a period with large terms of trade gains, I find that average revenue productivity gains are not necessarily associated with gains in allocative efficiency because firms pass-through productivity gains into markups. Using industry-year variation, I find evidence that industries that import a larger share of their inputs have higher markup dispersions and become more misallocated as a result of appreciations compared to "open" sectors that compete globally in the sale of their output.
同系列，以前的帖子：
Yale 2014 Job Market Paper
https://bbs.pinggu.org/thread-3494168-1-1.html
Stanford 2014 Job Market Paper
https://bbs.pinggu.org/thread-3491842-1-1.html
Princeton 2014 Job Market Paper
https://bbs.pinggu.org/thread-3494070-1-1.html
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