Monetary shocks and job flows: evidence from disaggregated data
Empirical Economics, 2020, vol. 58, issue 6, No 13, 2936 pages
Abstract This paper uses a structural near-VAR to examine the effect of monetary shocks on industry-level job creation and job destruction. I find asymmetry in the job flows’ responses to a positive monetary shock for disaggregated industries in the manufacturing, mining and services sectors. These findings indicate that monetary shocks trigger changes in job reallocation and point that monetary policy has important allocative effects. Yet, a test for the absence of job reallocation reveals that monetary shocks have a significant effect on job reallocation for a limited number of industries within these sectors. Moreover, this effect becomes largely insignificant after accounting for data mining.
Keywords: Monetary shocks; Job flows; Asymmetry (search for similar items in EconPapers)
JEL-codes: E24 E32 E52 (search for similar items in EconPapers)
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