Credit Supply, Firms, and Earnings Inequality

2026-05-22

We study the distributional effects of a monetary policy-induced firm-level credit supply shock on individual wages and employment. To this end, we construct a novel dataset that links worker employment histories to firms' bank credit relationships in Germany. We document that firms in relationships with banks that were more exposed to negative monetary policy rates in 2014 see a relative reduction in credit supply. A negative credit supply shock in turn is associated with lower firm-level average wages and employment. These effects are concentrated among distinct worker groups within firms, with initially lower-paid workers more likely to be fired and initially higher-paid workers more likely to receive wage cuts. At the same time, wages decline by more at initially higher-paying firms. Consequently, wage inequality within and between firms decreases. Our results suggest that monetary policy has important distributional effects in the labor market.

Das Biogasproblem und die regulatorischen Asymmetrien

agrarzeitung · 2025-01-01

The Gender Pay Gap: Micro Sources and Macro Consequences

SSRN Electronic Journal · 2025-01-01 · 8 citations

Meritocracy Across Countries

SSRN Electronic Journal · 2025-01-01

Integration of Representative Vertical MBS Scenarios in the Simulation Based Determination of Design Loads for Railway Vehicle Bogies

Lecture notes in mechanical engineering · 2024-10-31

Die Zürcher Bibel von 1531, hg. von Christoph Sigrist, 2011

Zwingliana · 2024-09-26

No abstract available.

Meritocracy across Countries

National Bureau of Economic Research · 2024-04-01 · 7 citations

Meritocracy across Countries

SSRN Electronic Journal · 2024-01-01

Immune Status and SARS-CoV-2 Viral Dynamics

UNC Libraries · 2024-09-01

Immunocompromised individuals are disproportionately affected by severe coronavirus disease 2019, but immune compromise is heterogenous, and viral dynamics may vary by the degree of immunosuppression. In this study, we categorized ACTIV-2/A5401 participants based on the extent of immunocompromise into none, mild, moderate, and severe immunocompromise. Moderate/severe immunocompromise was associated with higher nasal viral load at enrollment (adjusted difference in means: 0.47 95% confidence interval,. 12-.83 log10 copies/mL) and showed a trend toward higher cumulative nasal RNA levels and plasma viremia compared to nonimmunocompromised individuals. Immunosuppression leads to greater viral shedding and altered severe acute respiratory syndrome coronavirus 2 viral decay kinetics. Clinical Trials Registration. NCT04518410.

The Gender Pay Gap: Micro Sources and Macro Consequences

SSRN Electronic Journal · 2024-01-01 · 13 citations