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Record Nr. |
UNINA9910162944503321 |
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Autore |
Furceri Davide |
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Titolo |
The Effects of Monetary Policy Shocks on Inequality / / Davide Furceri, Prakash Loungani, Aleksandra Zdzienicka |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2016 |
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ISBN |
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9781475568356 |
1475568355 |
9781475568486 |
1475568487 |
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Descrizione fisica |
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1 online resource (44 pages) : illustrations |
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Collana |
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Altri autori (Persone) |
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LounganiPrakash |
ZdzienickaAleksandra |
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Disciplina |
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Soggetti |
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Monetary policy |
Income distribution |
Banks and Banking |
Macroeconomics |
Money and Monetary Policy |
Fiscal Policy |
Incomes Policy |
Price Policy |
Equity, Justice, Inequality, and Other Normative Criteria and Measurement |
Aggregate Factor Income Distribution |
Interest Rates: Determination, Term Structure, and Effects |
Personal Income, Wealth, and Their Distributions |
Monetary Policy |
Banking |
Monetary economics |
Income inequality |
Central bank policy rate |
Personal income |
Monetary expansion |
National accounts |
Financial services |
Interest rates |
Income |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality. |
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