@TechReport{iza:izadps:dp18633,
            	author={Moser, Christian and Saidi, Farzad and Wirth, Benjamin and Wolter, Stefanie},
            	title={Credit Supply, Firms, and Earnings Inequality},
            	year={2026},
	month={May},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={18633},
            	url={https://www.iza.org/publications/dp18633},
	abstract={We study the distributional consequences of monetary policy-induced credit supply in the German labor market. Firms in relationships with banks that are more exposed to the introduction of negative interest rates in 2014 experience a relative contraction in credit supply, associated with lower average wages. Within firms, initially lower-paid workers are more likely to leave employment, while initially higher-paid workers see a relative decline in wages. Between firms, wages fall by more at initially higher-paying employers. Our results suggest that credit affects the distribution of wages and employment both within and between firms.},
	keywords={wages;employment;distribution;credit supply;monetary policy;downward wage rigidity},
            }