Monetary Policy, Labor Market, and Sectoral Heterogeneity

Abstract

We study the effects of monetary policy on the labor market across different sectors. We find that the employment response is stronger for firms in manufacturing and construction relative to firms in services. The result also holds within small and large firms. Moreover, within sectors, the employment growth in large firms responds more than it does in small firms after monetary contractions; it does so less after monetary expansions. Finally, we find that the differences in employment growth between small and large firms are greater for firms in the manufacturing and construction sectors compared to those in the service sector.

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