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Paper #1832

Monetary policy, labor income redistribution and the credit channel: Evidence from matched employer-employee and credit registers
Martina Jasova, Caterina Mendicino, Ettore Panetti, José-Luis Peydró i Dominik Supera
Setembre 2021
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.
Paraules clau:
Monetary policy, labor income inequality, firm balance sheet channel, bank lending channel, capital-skill complementarity.
Codis JEL:
D22, D31, E52, G01, G21
Àrea de Recerca:
Finances i Comptabilitat

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