Patterns of Labour Market Adjustment to Trade Shocks with Imperfect Capital Mobility
研究了不同投资摩擦如何影响劳动力市场对关税削减的反应模式，基于阿根廷数据构建多部门动态模型，发现资本调整可使实际工资的长期反应大于短期反应。
Abstract We explore how different investment frictions affect the patterns of responses of labour markets to tariff cuts. To investigate these patterns, we formulate a multi-sector dynamic model featuring capital and labour adjustment costs that we fit to Argentine data. Using counterfactual simulations of a tariff decline in the textile sector, we show that capital adjustment can create long-run responses of real wages that are larger than the short-run responses. This happens as textile firms disinvest during the transition. We also show that the reduction of tariffs on capital inputs boosts investment and real wages across sectors.