Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/267323 
Year of Publication: 
2022
Series/Report no.: 
CESifo Working Paper No. 10091
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We examine the impact of the European Central Bank's monetary policy on the euro area labor markets over the period 2010-2018. Using Jordà's (2005) local projection method, we find that unemployment rates decline in response to expansionary monetary policy surprises that can be related to unconventional policy measures. At the same time, hours worked rise. In the periphery countries, the reduction in unemployment rates is relatively pronounced, while in the core countries it is only minor. Thus, labor markets in the euro area were impacted differently by unconventional monetary policy measures.
Subjects: 
Euro area
unconventional monetary policy
labor markets
local projections
JEL: 
E24
E52
E58
C23
Document Type: 
Working Paper
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