Replication data for: Exchange Rates and Wages in an Integrated World

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Project Citation:

Mishra, Prachi, and Spilimbergo, Antonio. Replication data for: Exchange Rates and Wages in an Integrated World. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114232V1

Project Description

Summary: 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. (JEL F16, F31, J31)

Scope of Project

JEL Classification:
      F16 Trade and Labor Market Interactions
      F31 Foreign Exchange
      J31 Wage Level and Structure; Wage Differentials

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V1 [2019-10-12]

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