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Credit Supply, Firms, and Earnings Inequality

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  • Moser, Christian
  • Saidi, Farzad
  • Wirth, Benjamin
  • Wolter, Stefanie

Abstract

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.

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  • Moser, Christian & Saidi, Farzad & Wirth, Benjamin & Wolter, Stefanie, 2021. "Credit Supply, Firms, and Earnings Inequality," CEPR Discussion Papers 16123, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:16123
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    More about this item

    Keywords

    Credit Supply and Demand; employment; wages; Worker and Firm Heterogeneity;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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