, especially in sectors with higher employment volatility. Moreover, we find that the reform reduced firms' employment adjustments …

We document the consequences of real exchange rate movements for the employment, hours, and hourly earnings of workers … in manufacturing industries across individual states. Exchange rates have statistically significant wage and employment …

methodology using a local area's exposure to industry reallocation based on the area's initial industry composition and employment … trends in the rest of the country over a full employment cycle. Using confidential employment data by local area and industry … over the period 1980-2014, we find sharp evidence of reallocation contributing to worse employment outcomes during national …