We exploit gaps between observed and recently forecasted GDP growth in export destinations to estimate the effects of … unexpected export shocks on worker compensation. Using employer-employee panel data, we find that these export shocks are partly … export revenues is also mainly driven by wage effects in the same subset of firms. This suggests that the way in which …

This paper provides evidence that banks cut lending to US borrowers as a consequence of a trade shock. This adverse … reaction is stronger for banks with higher ex-ante lending to US industries hit by the trade shock. Importantly, I document … driven by low-capital banks and lending to firms that are themselves hit by the trade shock. Banks‘ adjustments have adverse …