Financial Markets, Labor Markets, and Wages:Evidence, Theory, and Macroeconomic Implications

本提案延续了我们之前的提案“金融市场，劳动力市场和工资：证据，理论和宏观经济影响”的工作。我们的项目位于宏观经济学，金融学和劳动经济学的交叉点，并询问企业的财务约束如何影响劳动力需求和工资。在第一个融资阶段，我们开发了一个宏观经济均衡模型，并将该模型与微观经济企业工人数据进行了比较。我们发现，工资对金融约束的反应对商业周期放大和政策都很重要。在第二个融资阶段，我们希望专注于货币政策。我们问货币政策如何影响异质性企业的财务约束，以及这种影响如何传递到工资，以及企业之间的工资和劳动力异质性。这至少有两个重要原因：（1）分析货币政策如何在金融约束紧缩的衰退中传导，（2）量化货币政策和金融约束对企业间工资差异和由此产生的工资不平等的作用。我们想继续采取三个步骤：首先，我们已经创建了一个新的数据集，将公司员工数据与银行的资产负债表信息联系起来。这样就可以清楚地查明公司的资金限制。将其与既定的货币政策干预措施相结合，我们想研究货币政策的信贷渠道如何影响工资。其次，我们想分析在负政策利率下这种传导如何变化。特别是，我们要调查是否因为关系银行业务的减少而增加了财务约束。第三，我们提出了一种新的方法来共同识别货币政策的需求和信贷渠道，以及这些渠道如何影响异质企业和企业之间的工资差异。

This proposal continues the work on our prior proposal “Financial Markets, Labor Markets, and Wages: Evidence, Theory, and Macroeconomic Implications”. Our project is located at the intersection of macroeconomics, finance and labor economics and asks how firms’ financial constraints affect labor demand and wages. During the first funding phase, we developed a macroeconomic equilibrium model and confronted the model with microeconomic firm-worker data. We showed that the wage response to financial constraints matters for business cycle amplification and for policy. In the second funding phase, we want to focus on monetary policy. We ask how monetary policy affects financial constraints in heterogeneous firms and how this passes through to wages, and wage and labor heterogeneity between firms. This is important for at least two reasons: (1) to analyze how monetary policy transmits in recessions with tight financial constraints, and (2) to quantify the role of monetary policy and financial constraints for between-firm wage differentials and the resulting wage inequality. We want to continue in three steps: First, we have already created a novel data set that links firm-worker data to balance sheet information on banks. This allows a clear identification of firms’ financial constraints. Combining this with established measures of monetary policy intervention, we want to investigate how the credit channel of monetary policy affects wages. Second, we want to analyze how this transmission changes under negative policy rates. In particular, we want to investigate whether financial constraints increased because of a reduction in relationship banking. Third, we propose a novel way to jointly identify the demand and the credit channel of monetary policy and how these channels affect heterogeneous firms and between firm wage differentials.