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.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:49Z
- dc.date.available 2024-11-14T10:09:49Z
- dc.date.issued 2021-09-12
- dc.date.modified 2024-11-14T10:08:34Z
- 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.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1832
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68615
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1832
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword monetary policy
- dc.subject.keyword labor income inequality
- dc.subject.keyword firm balance sheet channel
- dc.subject.keyword bank lending channel
- dc.subject.keyword capital-skill complementarity.
- dc.subject.keyword Finance and Accounting
- dc.title Monetary policy, labor income redistribution and the credit channel: Evidence from matched employer-employee and credit registers
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper