工资刚性下行与货币政策的非对称效应

IF 1.3 3区 经济学 Q3 ECONOMICS
Laura E. Jackson, Ezgi Kurt
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引用次数: 0

摘要

本文提供了行业层面的证据,说明美国劳动力市场存在实际工资下行的刚性和货币政策的非对称效应。通过研究 1975 年第一季度至 2020 年第四季度的行业数据,我们发现工资刚性与就业之间的权衡存在很强的异质性。具体而言,我们发现服务业在应对货币紧缩时表现出工资下行的灵活性,而就业损失则较小。另一方面,我们发现工资刚性与就业之间的权衡只在制造业中微弱存在。我们结合近几十年来的工会化和贸易一体化政策对此进行了研究,结果表明,工会化程度低或受进口竞争影响大等因素削弱了工资与就业之间的联系。其中,对制造业而言,高贸易风险似乎是更重要的渠道。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Downward wage rigidity and asymmetric effects of monetary policy
This paper provides industry-level evidence on the presence of downward real wage rigidity and asymmetric effects of monetary policy in the US labor market. Focusing on industry-level data from 1975q1 to 2020q4, we find strong heterogeneity in the trade-off between wage rigidity and employment. Specifically, we show that service-sector industries show downward-flexible wages and muted employment losses in response to monetary contractions. On the other hand, we find that a trade-off between wage rigidity and employment exists only weakly in the manufacturing sector. We examine this in the context of unionization and trade integration policies of recent decades and show that factors such as low unionization or high exposure to import competition weakens the wage-employment link. Among these, high exposure to trade seems to be the more important channel for manufacturing industries.
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来源期刊
CiteScore
2.50
自引率
7.10%
发文量
53
审稿时长
76 days
期刊介绍: Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.
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