Monetary policy and the reallocation of workers across firms — Mykola Ryzhenkov

Sprecher

Mykola Ryzhenkov (University of Mannheim):

Abstract

Using the universe of Austrian social security records and high-frequency identified ECB monetary policy shocks, we study how monetary policy affects the labor market. We focus on the joint distribution of a worker-specific and a firm-specific wage component estimated following Abowd et al.(1999). We document that monetary tightening leads to higher employment losses in high-paying firms and for low-paid individuals. Low-paid individuals in high-paying firms are especially subject to job losses. We further show that tighter monetary policy shocks lead to a reallocation of workers to lower-paying firms, with low-paid workers employed by low-paying firms individuals especially prone to falling off the firm wage ladder.

Autoren

Andreas Gulyas (University of Mannheim) – Matthias Meier (University of Mannheim) – Mykola Ryzhenkov (University of Mannheim)

Raum

Konferenzraum (A-S25) und

Virtuell über Zoom
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