Bergman, Nittai K.; Matsa, David A.; Weber, Michael - National Bureau of Economic Research - 2022
This paper analyzes the heterogeneous effects of monetary policy on workers with differing levels of labor force … with lower labor force attachment--Blacks, high school dropouts, and women--is more responsive to expansionary monetary … policy in tighter labor markets. The effect builds up over time and is long lasting. We develop a New Keynesian model with …