Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 24, 2021 erstellt
Beschreibung:
We document the redistributive effects of monetary policy on labor market outcomes via the credit channel. For identification, we exploit matched administrative datasets in Portugal — employee-employer and credit registers — and monetary policy since the Eurozone creation. We find that softer monetary policy improves wages, hours worked and employment more in small and young firms, which are more financially constrained. Within these firms, the wage effects accrue to incumbent workers, in line with the back-loaded wage mechanism. 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. Our findings uncover a central role for the firm-balance sheet and the bank lending channels of the monetary policy transmission to labor income inequality, with state-dependent effects that are stronger during crises. Importantly, we do not find any redistributive effects for firms without bank credit