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NBER Working Papers and Publications

January 2000Job Creation, Job Destruction, and the Real Exchange Rate
with Michael W. Klein, Scott Schuh: w7466
This paper contributes to an understanding of internationally generated adjustment costs by demonstrating a statistically significant and economically relevant effect of the real exchange rate on job creation and job destruction in U.S. manufacturing industries over the period 1973 to 1993. The responsiveness of these gross job flows to the real exchange rate reflects pervasive heterogeneity with respect to international conditions across firms, even within narrowly defined industries. We document this heterogeneity and show that the responsiveness of job flows to movements in the real exchange rate varies with the industry's openness to international trade. We also show an asymmetry in the responsiveness of job flows to the real exchange rate; appreciations play a significant role in jo...

Published: Published as "The Real Exchange Rate and Foreign Direct Investment in the United States: Relative Wealth Vs. Relative Wage Effects", Journal of International Economics (1994). citation courtesy of

November 1993The Efficiency Cost of Increased Progressivity
Increases in income tax progressivity generally entail some efficiency cost due to increased distortion of individuals' labor supply decisions. This paper quantifies the magnitude of the efficiency cost of several policies which would increase the progressivity of the U.S. individual income tax. The analysis differs from previous work on this topic in allowing for complex nonlinear tax schedules similar to those which actually exist. The efficiency cost of increased progressivity is found to vary considerably with the type of tax reform considered. Expanding the earned income tax credit (EITC) is found to be a particularly efficient means of increasing progressivity. Using the labor supply parameters I consider most reasonable, I find that the efficiency cost of expanding the EITC fin...

Published: Slemrod, Joel. Tax progressivity and income inequality. Cambridge; New York and Melbourne: Cambridge University Press, 1994.

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