Monetary policy, labor income redistribution and the credit channel: evidence from matched employer-employee and credit registers
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- dc.contributor.author Jasova, Martina
- dc.contributor.author Mendicino, Caterina
- dc.contributor.author Panetti, Ettore
- dc.contributor.author Peydró, José-Luis
- dc.contributor.author Supera, Dominik
- dc.date.accessioned 2022-03-28T12:50:10Z
- dc.date.available 2022-03-28T12:50:10Z
- dc.date.issued 2023-03
- dc.description.abstract We document the heterogeneous effects of monetary policy on labor market outcomes via credit channel. Using employee-employer and credit registers in Portugal, we show that falling rates increase wages, hours worked and employment more in financially constrained small and young firms. Consistent with the capital-skill complementarity mechanism, we document an increase in the skill premium and show that financially constrained firms increase both physical and human capital investment the most. We uncover a central role of the credit channel with stronger state-dependent effects during crises. The effects are fully driven by firms with bank credit.en
- dc.description.sponsorship Jasova and Supera also gratefully acknowledge financial support from the Washington Center for Equitable Growth. Peydró acknowledges support by the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme (grant agreement No 648398) and the Spanish Ministry of Economy and Competitiveness, through the Severo Ochoa Programme for Centres of Excellence in R&D (SEV-2015-0563)en
- dc.format.mimetype application/pdf*
- dc.identifier.uri http://hdl.handle.net/10230/52783
- dc.language.iso engca
- dc.relation.ispartofseries Economics and Business Working Papers Series;1832
- dc.relation.projectID info:eu-repo/grantAgreement/ES/1PE/SEV-2015-0563
- dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/648398
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.subject.keyword Monetary policyen
- dc.subject.keyword Labor income inequalityen
- dc.subject.keyword Firm balance sheet channelen
- dc.subject.keyword Bank lending channelen
- dc.subject.keyword Capital-skill complementarityen
- dc.title Monetary policy, labor income redistribution and the credit channel: evidence from matched employer-employee and credit registersca
- dc.type info:eu-repo/semantics/workingPaperca