Heterogeneous Effects of Monetary Policy Shocks: Evidence from the Czech Labor Market
利用捷克劳动力市场的合同级数据，研究货币政策冲击如何异质性影响不同人口和行业群体的工资与工时，发现低工资群体受冲击更大，且年龄、教育、行业和合同期限等因素起重要作用。
Abstract Using unique contract‐level data from the Czech labor market, we investigate how monetary policy shocks, identified by the high‐frequency surprises in interest rate futures, affect the distribution of wages and hours worked. Consistent with existing literature, our findings indicate that low‐wage groups are more impacted by these shocks than high‐wage counterparts. The novelty lies in our exploration of the heterogeneous effects across different demographic and sectoral groups. Our results reveal that age, education, sector of employment, and the length of employment contracts play important roles in how wages and working hours respond to policy shocks.