Firm Responses and Wage Effects of Foreign Demand Shocks with Fixed Labor Costs and Monopsony
American Economic Review · 2025 · Emmanuël Dhyne、Ayumu Ken Kikkawa、Toshiaki Komatsu、Magne Mogstad、Felix Tintelnot
中文摘要
我们量化了企业对国外需求冲击的响应及这些冲击对实际工资的影响。我们使用比利时微观数据构建了企业特定的需求冲击指标，这些指标捕捉到企业将国外需求冲击传导给国内供应商这一事实。我们对企业响应这些冲击的估计表明，企业面临向上倾斜的劳动供给曲线，且存在规模可观的固定劳动成本。我们设定了一个包含这些特征的一般均衡模型，以量化模拟关税冲击对工资的总体效应。我们发现，忽略固定劳动成本会大幅低估对工资的总体效应，而纳入向上倾斜的劳动供给似乎影响相对较小。（JEL D22, F13, F16, J22, J31, J42, L25）
Abstract
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. (JEL D22, F13, F16, J22, J31, J42, L25)