As U.S. borrowing from abroad grew (the trade balance becomes more negative) employment in the tradable goods sector shrunk. Did foreign lending (and the imports that accompanied it) kill employment in manufacturing? Will manufacturing employment return when the U.S. stops borrowing from the rest of the world? We study these questions here.
Tim Geithner and Loretta Mester on the slate for fall 2015.
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Department of Economics
Stern School of Business, New York University
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