000			03005cam a22003857 4500
001			w25919
003			NBER
005			20211020104133.0
006			m o d
007			cr cnu||||||||
008			210910s2019 mau fo 000 0 eng d
100	1		_aCosta, Rui.
245	1	0	_aTrade and Worker Deskilling / _cRui Costa, Swati Dhingra, Stephen Machin.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2019.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w25919
500			_aJune 2019.
520	3		_aThis paper presents new evidence on international trade and worker outcomes. It examines a big world event that produced an unprecedentedly large shock to the UK exchange rate. In the 24 hours in June 2016 during which the UK electorate unexpectedly voted to leave the European Union, the value of sterling plummeted. It recorded the biggest depreciation that has occurred in any of the world's four major currencies since the collapse of Bretton Woods. Exploiting this variation, the paper studies the impact of trade on wages and worker training. Wages and training fell for workers employed in sectors where the intermediate import price rose by more as a consequence of the sterling depreciation. Calibrating the estimated wage elasticity with respect to intermediate import prices to theory uncovers evidence of a production complementarity between workers and intermediate imports. This provides new direct evidence that, in the modern world of global value chains, it is changes in the cost of intermediate imports that act as a driver of the impact of globalization on worker welfare. The episode studied and the findings add to widely expressed, growing concerns about poor productivity performance relating to skills and to patterns of real wage stagnation that are plaguing contemporary labour markets.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF14 - Empirical Studies of Trade _2Journal of Economic Literature class.
690		7	_aF31 - Foreign Exchange _2Journal of Economic Literature class.
690		7	_aF66 - Labor _2Journal of Economic Literature class.
690		7	_aJ24 - Human Capital • Skills • Occupational Choice • Labor Productivity _2Journal of Economic Literature class.
690		7	_aJ31 - Wage Level and Structure • Wage Differentials _2Journal of Economic Literature class.
700	1		_aDhingra, Swati.
700	1		_aMachin, Stephen. _915808
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w25919.
856	4	0	_uhttps://www.nber.org/papers/w25919
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w25919
942			_2ddc _cW-PAPER
999			_c322203 _d280765