04701nam 2200649Ia 450 991082049740332120200520144314.01-4755-9500-X1-4755-6351-5(CKB)2670000000278827(EBL)1606932(SSID)ssj0000940776(PQKBManifestationID)11494013(PQKBTitleCode)TC0000940776(PQKBWorkID)10956021(PQKB)10918253(Au-PeEL)EBL1606932(CaPaEBR)ebr10627048(OCoLC)805595897(IMF)WPIEE2012199(IMF)WPIEA2012199(MiAaPQ)EBC1606932(EXLCZ)99267000000027882720111102d2012 uy 0engur|n|---|||||txtccrInnocent bystanders? monetary policy and inequality in the U.S. /prepared by Olivier Coibion ...[et. al.]1st ed.Washington, DC International Monetary Fund20121 online resource (58 p.)IMF working paper ;12/199Description based upon print version of record.1-4755-8384-2 1-4755-0549-3 Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; II. Measuring Inequality; 2.1 The Consumer Expenditure Survey; 2.2 Measures of Inequality; 2.3 Unconditional Properties of Inequality Measures; III. Effects of Monetary Policy Shocks on Inequality; 3.1 The Identification of Monetary Policy Shocks; 3.2 The Effects of Monetary Policy Shocks on Inequality; 3.3 Why Does Inequality Increase After Contractionary Monetary Policy Shocks?; 3.4 Distributional Mobility after Monetary Policy Shocks; 3.5 How Important Is The Contribution of Monetary Policy Shocks to Inequality?IV. Wealth Redistribution in Response to Monetary Policy ShocksV. Permanent Changes in Monetary Policy; VI. Conclusion; Figures; 1. Inequality in Total Income, Labor Earnings, Expenditures and Consumption in the U.S.; 2. Monetary Policy Shocks; 3. Effects of Monetary Policy Shocks on Macroeconomic Variables; 4. Response of Economic Inequality to a Contractionary Monetary Policy Shock; 5. Distributional Effects of Contractionary Monetary Policy Shock by Percentiles; 6. Time-Varying Probabilities of Transitioning Between Consumption Quintiles7. Contribution of Monetary Policy Shocks to Forecast Error Variance of Inequality8. The Contribution of Monetary Policy Shocks to Historical Variation in U.S. Inequality; 9. Income and Consumption Responses of High and Low Net-Worth Households; 10. Historical Estimates of the Federal Reserve's Target Rate of Inflation; 11. Response of Inequality to Permanent Increases in the Inflation Target; Tables; 1. Correlations and Volatilitiese of Inequality Measures; 2. Correlations of Inequality Measures with Macroeconomic Variables; 3. Decomposition of Income by Quintile4. Decomposition of Expenditures and Consumption by QuintileAppendix Figures; 1. Robustness of Baseline Inequality Results to Sample and Lags; 2: Robustness of Baseline Inequality Results to Econometric Approach; 3. Robustness of Baseline Inequality Results to Controlling for Household Size, Observables, and Hours; 4. Robustness of Earnings Responses by Percentiles; 5. Contribution of Monetary Policy Shocks to Variance of Macroeconomic Variables; 6. Distributional Effects by Percentile of Inflation Target IncreasesWe study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.IMF Working Papers; Working Paper ;No. 2012/199Monetary policyUnited StatesIncomeUnited StatesMonetary policyIncome330.9Coibion Olivier1645797MiAaPQMiAaPQMiAaPQBOOK9910820497403321Innocent bystanders4203003UNINA