04494oam 22010574 450 991016294450332120250426110737.09781475568356147556835597814755684861475568487(CKB)3710000001045029(MiAaPQ)EBC4800306(IMF)WPIEA2016245WPIEA2016245(EXLCZ)99371000000104502920020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierThe Effects of Monetary Policy Shocks on Inequality /Davide Furceri, Prakash Loungani, Aleksandra ZdzienickaWashington, D.C. :International Monetary Fund,2016.1 online resource (44 pages) illustrationsIMF Working Papers9781475563092 1475563094 Includes bibliographical references.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.IMF Working Papers; Working Paper ;No. 2016/245Monetary policyIncome distributionBanks and BankingimfMacroeconomicsimfMoney and Monetary PolicyimfFiscal PolicyimfIncomes PolicyimfPrice PolicyimfEquity, Justice, Inequality, and Other Normative Criteria and MeasurementimfAggregate Factor Income DistributionimfInterest Rates: Determination, Term Structure, and EffectsimfPersonal Income, Wealth, and Their DistributionsimfMonetary PolicyimfBankingimfMonetary economicsimfIncome inequalityimfCentral bank policy rateimfIncome distributionimfPersonal incomeimfMonetary expansionimfNational accountsimfFinancial servicesimfMonetary policyimfInterest ratesimfIncomeimfUnited StatesimfMonetary policy.Income distribution.Banks and BankingMacroeconomicsMoney and Monetary PolicyFiscal PolicyIncomes PolicyPrice PolicyEquity, Justice, Inequality, and Other Normative Criteria and MeasurementAggregate Factor Income DistributionInterest Rates: Determination, Term Structure, and EffectsPersonal Income, Wealth, and Their DistributionsMonetary PolicyBankingMonetary economicsIncome inequalityCentral bank policy rateIncome distributionPersonal incomeMonetary expansionNational accountsFinancial servicesMonetary policyInterest ratesIncome332.46Furceri Davide1157580Loungani Prakash1167752Zdzienicka Aleksandra1451039DcWaIMFBOOK9910162944503321The Effects of Monetary Policy Shocks on Inequality3650845UNINA