Exchange rates and manufacturing employment in the Portuguese economy: the role of openness, technology and labour market rigidity Fernando Alexandre 1 Pedro Baªo 2 Joªo Cerejeira 3 Miguel Portela 4 2nd August 2010 1 Corresponding author: Escola de Economia e Gestªo and NIPE, University of Minho, Campus de Gualtar, 4710-057 Braga, Portugal. Email: falex@eeg.uminho.pt. 2 University of Coimbra and GEMF. Email: pmab@fe.uc.pt. 3 University of Minho and NIPE. Email: jccsilva@eeg.uminho.pt. 4 University of Minho, NIPE and IZA. Email: mangelo@eeg.uminho.pt.