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Monetary Growth and Financial Sector Wages

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Abstract

We investigate the relation between monetary growth and the growth of and compensation in the financial industry since the end of the Bretton Woods system. Estimating structural vector autoregressions, we find that the growth of the monetary base is positively associated with a higher di erential between financial and average wages, but not with a larger financial industry.

Suggested Citation

  • Michael Patrick Curran & Matthew J. Fagerstrom, 2019. "Monetary Growth and Financial Sector Wages," Villanova School of Business Department of Economics and Statistics Working Paper Series 41, Villanova School of Business Department of Economics and Statistics.
  • Handle: RePEc:vil:papers:41
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    File URL: http://repec.library.villanova.edu/workingpapers/VSBEcon41.pdf
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    Keywords

    Cantillon Effect; Inequality; Money Non-neutrality; Financial Industry;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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