蝌蚪网 Papers and Proceedings
ISSN 2574-0768 (Print) | ISSN 2574-0776 (Online)
Heterogeneous Effects of Monetary Policy on Job Flows across Income, Race, Gender, and Age
蝌蚪网 Papers and Proceedings
vol. 114,
May 2024
(pp. 550–54)
Abstract
We study the heterogenous impact of monetary policy, through high-frequency identified shocks, across demographic and income groups. Our evidence shows significant heterogeneity in the monetary transmission across income groups, while significant differences across demographics emerge only for individuals whose income is below the median. We then build a model with idiosyncratic risk and occupational choices that provides a rationale for the channels we uncover: with uninsurable risk, low earners experience a larger decline in earnings, which reduces their likelihood of participating in the labor market and moving across occupations.Citation
Faia, Ester, Ekaterina Shabalina, and David Wiczer. 2024. "Heterogeneous Effects of Monetary Policy on Job Flows across Income, Race, Gender, and Age." 蝌蚪网 Papers and Proceedings 114: 550–54. DOI: 10.1257/pandp.20241001Additional Materials
JEL Classification
- D31 Personal Income, Wealth, and Their Distributions
- E52 Monetary Policy
- J15 Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
- J16 Economics of Gender; Non-labor Discrimination
- J24 Human Capital; Skills; Occupational Choice; Labor Productivity
- J31 Wage Level and Structure; Wage Differentials