| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13551 |
| DP13551 The Missing Link: Monetary Policy and The Labor Share | |
| Cristiano Cantore; Filippo Ferroni; Miguel Leon-Ledesma | |
| 发表日期 | 2019-02-26 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The textbook New-Keynesian (NK) model implies that the labor share is pro-cyclical conditional on a monetary policy shock. We present evidence that a monetary policy tightening robustly increased the labor share and decreased real wages and labor productivity during the Great Moderation period in the US, the Euro Area, the UK, Australia, and Canada. We show that this is inconsistent not only with the basic NK model, but with a wide variety of NK models commonly used for monetary policy analysis and where the direct link between the labor share and the markup can be broken. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Labor share Monetary policy shocks |
| URL | https://cepr.org/publications/dp13551 |
| 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/542405 |
| 推荐引用方式 GB/T 7714 | Cristiano Cantore,Filippo Ferroni,Miguel Leon-Ledesma. DP13551 The Missing Link: Monetary Policy and The Labor Share. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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