[SLIDE 16] Monetary policy transmission to non-financial corporations… These extraordinary monetary policy measures have contributed to a broad-based easing in financial conditions and more favourable borrowing conditions for firms and households.
In contrast, many other jobs cannot be offshored because they require personal contact (e.g. elderly care, security, public transport).8 *** With the reduction of middle-paid jobs, the second key question is what kind of jobs those workers can move to and what kind of frictions are involved.