Fixed-Wage Contracts and Monetary Non-neutrality

• 成果类型: Article
• 署名作者: Bjorklund, Maria; Carlsson, Mikael; Skans, Oskar Nordstrom
• 署名单位: Uppsala University; Sveriges Riksbank
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20160213
• 发表日期: 2019
• 页码: 171-192
• 关键词: shocks; POLICY; price

摘要

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.