This paper explores how different investment frictions affect the patterns of responses of labor markets to tariff cuts. To investigate these patterns, this paper formulates a multi-sector dynamic model featuring capital and labor adjustment costs that is fitted to Argentine data. Counterfactual simulations of a tariff decline in the textile sector are used to show that capital adjustment can create long-run responses of real wages that are larger...
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2021/09/14
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Documento de trabalho sobre pesquisa de políticas
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WPS9775
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1
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1
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2021/09/14
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Disclosed
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Patterns of Labor Market Adjustment to Trade Shocks with Imperfect Capital Mobility
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real wage
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