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Fixed-Wage Contracts and Monetary Non-neutrality
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics. Sveriges Riksbank, Stockholm, Sweden.ORCID iD: 0000-0002-9535-4404
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics. UCLS, Uppsala, Sweden;IZA, Uppsala, Sweden.
2019 (English)In: American Economic Journal: Macroeconomics, ISSN 1945-7707, E-ISSN 1945-7715, Vol. 11, no 2, p. 171-192Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
AMER ECONOMIC ASSOC , 2019. Vol. 11, no 2, p. 171-192
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-382520DOI: 10.1257/mac.20160213ISI: 000463028100005OAI: oai:DiVA.org:uu-382520DiVA, id: diva2:1307986
Funder
Ragnar Söderbergs stiftelse, E52/13Available from: 2019-04-30 Created: 2019-04-30 Last updated: 2019-04-30Bibliographically approved

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Björklund, MariaCarlsson, MikaelNordström Skans, Oskar

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