Monetary Policy and Inequality under Labor Market Frictions and Capital-Skill Complementarity

• 成果类型: Article
• 署名作者: Dolado, Juan J.; Motyovszki, Gergo; Pappa, Evi
• 署名单位: Universidad Carlos III de Madrid; European University Institute
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20180242
• 发表日期: 2021
• 页码: 292-332
• 关键词: the-job search; unemployment; PARTICIPATION; shocks; MODEL

摘要

We provide a new channel through which monetary policy has distributional consequences at business cycle frequencies. We show that an unexpected monetary easing increases labor income inequality between high-skilled and less-skilled workers. To rationalize these findings, we build a New Keynesian DSGE model with asymmetric search-and-matching (SAM) frictions and capital-skill complementarity (CSC) in production. We show that CSC on its own introduces a dynamic demand amplification mechanism: the increase in high-skilled employment after a monetary expansion makes complementary capital more productive, encouraging a further rise in investment demand and creating a multiplier effect. SAM asymmetries magnify this channel.