Firm Responses and Wage Effects of Foreign Demand Shocks with Fixed Labor Costs and Monopsony
利用比利时微观数据，研究发现企业面临向上倾斜的劳动力供给曲线和显著的固定劳动力成本，忽略固定成本会严重低估外需冲击对工资的总体影响。
We quantify the firm responses and real wage effects of foreign demand shocks. We use Belgian microdata to construct firm-specific measures of demand shocks, which capture that firms pass on foreign demand shocks to domestic suppliers. Our estimates of firm responses to these shocks suggest that firms face upward-sloping labor supply curves and have sizable fixed labor costs. We specify a general equilibrium model with these features to quantify the aggregate effects of simulated tariff shocks on wages. We find that ignoring fixed labor costs substantially underestimates aggregate effects on wages, whereas incorporating upward-sloping labor supply appears less consequential.