法国预测与国际信息中心-劳动力市场力量、出口价格和传递（英）

HighlightsEstimating the effects of goods and labor market power on firm pricing behavior is difficult since firm-level output and employment are jointly determined.We separately identify the effects of goods and labor market power on pass-through rates.We present a theoretical framework in which multi-destination exporters are oligopolists in their goods markets and oligopsonists in their local labor market.Combining firm-level export data per product-destination with establishment-level balance sheet data and employment zone identifiers for the universe of French firms from 1995 to 2015, we construct theoretically sound proxies for labor and goods market power and jointly estimate their effects on export prices using exchange rate shocks as the source of identifying variation in firm demand.We provide robust evidence that firms with stronger labor market power have a lower pass-through of changes in their effective exchange rate into export prices conditional on their goods market power in the relevant export markets.Labor Market Power, Export Prices and Pass-throughNo 2025-15 – NovemberWorking PaperMalik Curuk, Jérôme Héricourt & Gonzague Vannoorenberghe CEPII Working Paper Labor Market Power, Export Prices and Pass-throughAbstractEstimating the effects of goods and labor market power on firm pricing behavior is difficult since firm-level output and employment are jointly determined. We exploit the variation in the sets of destination countries across exporting firms, which enables us to separately identify the effects of goods and labor market power on pass-through rates by reducing the comovement of firm size across specific sales markets and in its local labor market. We present a theoretical framework in which multi-destination exporters are oligopolists in their goods markets and oligopsonists in their local labor market. Combining firm-level trade data per product-destination with establishment-level balance sheet data and employment zone identifiers for the universe of French firms from 1995 to 2015, we construct theoretically sound proxies for labor and goods market power and jointly estimate their effects on export prices using exchange rate shocks as the source of identifying variation in firm demand. Consistent with the model's predictions, we provide robust evidence that firms with stronger labor market power have a lower pass-through of changes in their effective exchange rate into export prices conditional on their goods market power. The findings indicate a sizable degree of labor market power for French exporters. KeywordsLabor Market Power, Goods Market Power, Exchange Rate, Pass-through.JELF16, F31, J42.Working Paper© CEPII, PARIS, 2025Centre d’études prospectives et d’informations internationales 20, avenue de Ségur TSA 10726 75334 Paris Cedex 07contact@cepii.fr www.cepii.fr – @CEPII_Paris Press contact: presse@cepii.frCEPII Working PaperContributing to research in international economicsCEPII (Centre d’Études Prospectives e