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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.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
2016 (English)Report (Other academic)
Abstract [en]

We study the importance of wage rigidities for the monetary policy transmissionmechanism. Using uniquely rich micro data on Swedish wage negotiations,we isolate periods when the labor market is covered by xed wagecontracts. Importantly, negotiations are coordinated in time but their seasonalpatterns are far from deterministic. Using a VAR model, we documentthat monetary policy shocks have a substantially larger impact on productionduring xed wage episodes as compared to the average response. The resultsare not driven by the periodic structure, nor the seasonality, of the renegotiationepisodes.

Place, publisher, year, edition, pages
Uppsala, 2016. , 30 p.
Series
Working paper / Department of Economics, Uppsala University (Online), ISSN 1653-6975 ; 2016:10
Keyword [en]
Monetary Policy, Wages, Nominal rigidities, Micro-data
National Category
Economics
Research subject
Economics
Identifiers
URN: urn:nbn:se:uu:diva-301159OAI: oai:DiVA.org:uu-301159DiVA: diva2:953766
Available from: 2016-08-18 Created: 2016-08-18 Last updated: 2016-08-18Bibliographically approved

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Björklund, MariaCarlsson, MikaelNordström Skans, Oskar
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