| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13407 |
| DP13407 Monetary Policy and the Cost of Heterogeneous Wage Rigidity: Evidence from the Stock Market | |
| Ester Faia; Vincenzo Pezone | |
| 发表日期 | 2018-12-21 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Using a unique confidential contract level dataset merged with firm-level asset price data, we find robust evidence that firms' stock market valuations and employment levels respond more to monetary policy announcements the higher the degree of wage rigidity. Data on the renegotiations of collective bargaining agreements allow us to construct an exogenous measure of wage rigidity. We also find that the amplification induced by wage rigidity is stronger for firms with high labor intensity and low profitability, providing evidence of distributional consequences of monetary policy. We rationalize the evidence through a model in which firms in different sectors feature different degrees of wage rigidity due to staggered renegotiations vis-a-vis unions. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp13407 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542219 |
| 推荐引用方式 GB/T 7714 | Ester Faia,Vincenzo Pezone. DP13407 Monetary Policy and the Cost of Heterogeneous Wage Rigidity: Evidence from the Stock Market. 2018. |
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