Exchange Rates and Wages in Unionized Labor Markets
研究了汇率变动对工会化劳动力市场工资的影响，通过国际寡头模型和葡萄牙工人-企业匹配数据，发现货币升值时工会理性地接受更低工资，且影响因工人特征而异。
The authors investigate the impact of exchange rate movements on wage determination in unionized labor markets. Using a simple model of international oligopoly, the authors show that organized labor has a rational incentive to accept lower wages in the face of a currency appreciation. They examine this proposition empirically using a matched worker-firm data set for Portugal and, though the impact varies considerably with worker characteristics, find results consistent with the predictions of the model.