Impact of RMB Exchange Rate Changes on Employment and Wage:Empirical Research Based on Manufacturing Sub-Sectors of China
通过建立小国经济劳动力市场动态均衡模型，利用岭回归实证分析人民币汇率变动对中国制造业细分行业就业和工资的影响，发现升值不利于就业和工资增长，但进口投入和出口份额变化可部分抵消该效应。
This paper derives transmission mechanism of exchange rate changes influencing employment and the equations of equilibrium employment and wage through establishing dynamic equilibrium model of labor market of small country's economy.Then utilizing ridge regression,this paper empirically researches the impact of RMB exchange rate changes on the employment and wage of manufacturing sub- sectors of China,and studies the function of industry characteristics.The results show that through two transmission mechanisms of imported input level and export share,appreciation of RMB will go against the increase of employment and wage of manufacturing sub- sectors of China,however,imported input level rising and export share declining of sub- sectors can offset the adverse effect partially.In addition,the nature of business activity is an important factor which leads to employment level difference among industry,while the average level of education,professional and technical level,the degree of economic monopoly and ownership monopoly can play a decisive role in wage return difference among industry.