Replication data for: Fixed-Wage Contracts and Monetary Non-neutrality

Principal Investigator(s): View help for Principal Investigator(s) Maria Björklund; Mikael Carlsson; Oskar Nordström Skans

Version: View help for Version V1

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code_BjorklundCarlssonSkans			10/12/2019 08:13:PM
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Project Description

Summary: We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed-wage contracts. Importantly, negotiations are coordinated in time but their seasonal patterns are far from deterministic. Using a two-regime VAR model, we document that monetary policy shocks have a larger impact on production during fixed-wage episodes as compared to the average response. The results do not seem to be driven by the periodic structure, nor the seasonality, of the renegotiation episodes.

Scope of Project

JEL Classification:
      E23 Macroeconomics: Production
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      E52 Monetary Policy
      J31 Wage Level and Structure; Wage Differentials
      J41 Labor Contracts

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Published Versions

V1 [2019-10-12]

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