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The effect of wage rigidity on the transmission of monetary policy to inequality

Abstract:

What is the effect of wage rigidities on the transmission of monetary policy to inequality? This paper investigates this question with a Two-Agent New Keynesian model with financially constrained and unconstrained households, and with search-and-matching frictions. I study the relative effects of the wage channel and the labour market channel in the transmission of conventional and unconventional monetary policy, and how these change with degrees of wage rigidity. My main result is that the s...

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Publication status:
Published

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Publication website:
https://www.economics.ox.ac.uk/publication/1337565/hyrax

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Role:
Author
Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Place of publication:
Oxford
Publication date:
2023-03-31
EISSN:
1471-0498
Paper number:
1004
Language:
English
Keywords:
Pubs id:
1337565
Local pid:
pubs:1337565
Deposit date:
2023-04-17

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