Jasova, MartinaMendicino, CaterinaPanetti, EttorePeydró, José-LuisSupera, DominikUniversitat Pompeu Fabra. Departament d'Economia i Empresa2024-11-142024-11-142021-09-12http://hdl.handle.net/10230/68615We 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.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsMonetary policy, labor income redistribution and the credit channel: Evidence from matched employer-employee and credit registers<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">monetary policy</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">labor income inequality</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">firm balance sheet channel</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">bank lending channel</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">capital-skill complementarity.</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Finance and Accounting</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>