Research Seminar

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

16 Feb 2023


Mykola Ryzhenkov (University of Mannheim):


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.


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


Conference Room (A-S25) and

Virtuall via Zoom
If interested, please send an Email to to receive a Zoom-Link to the seminar.