Fixed-Wage Contracts and Monetary Non-neutrality
利用瑞典工资谈判的微观数据，研究发现固定工资合同期间货币政策冲击对产出的影响更大，揭示了工资刚性在货币政策传导中的作用。
We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed-wage contracts. Importantly, negotiations are coordinated in time but their seasonal patterns are far from deterministic. Using a two-regime VAR model, we document that monetary policy shocks have a larger impact on production during fixed-wage episodes as compared to the average response. The results do not seem to be driven by the periodic structure, nor the seasonality, of the renegotiation episodes.