Exchange Rates and Wages in an Integrated World
研究了汇率对国内工资的传导如何受国内外劳动力市场一体化程度的影响，发现劳动力流动壁垒越低，汇率对工资的影响越大。
We analyze how the pass-through from exchange rate to domestic wages depends on the degree of integration between domestic and foreign labor markets. Using data from 66 countries over the period 1981–2005, we find that the elasticity of domestic wages to real exchange rate is 0.15 after a year for countries with high barriers to external labor mobility, but about 0.40 in countries with low barriers to mobility. The result is robust to the inclusion of various controls, different measures of exchange rates, and definitions of labor market integration. These findings call for including labor mobility in macro models of external adjustment.