| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16123 |
| DP16123 Credit Supply, Firms, and Earnings Inequality | |
| Christian Moser; Farzad Saidi; Benjamin Wirth; Stefanie Wolter | |
| 发表日期 | 2022-01-18 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We study the distributional consequences of monetary policy-induced credit supply in the German labor market. Firms in relationships with banks that are more exposed to the introduction of negative interest rates in 2014 experience a relative contraction in credit supply, associated with lower average wages and employment. Within firms, initially lower-paid workers are more likely to leave employment, while initially higher-paid workers see a relative decline in wages. Between firms, wages fall by more at initially higher-paying employers. Therefore, credit affects the distribution of pay and employment in line with predictions of an equilibrium model with credit and search frictions. |
| 主题 | Financial Economics ; Labour Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Wages Employment Worker and firm heterogeneity Credit supply and demand |
| URL | https://cepr.org/publications/dp16123-0 |
| 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/545859 |
| 推荐引用方式 GB/T 7714 | Christian Moser,Farzad Saidi,Benjamin Wirth,et al. DP16123 Credit Supply, Firms, and Earnings Inequality. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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