LEADER 04383oam 22010094 450 001 9910162944503321 005 20230808201440.0 010 $a1-4755-6835-5 010 $a1-4755-6848-7 035 $a(CKB)3710000001045029 035 $a(MiAaPQ)EBC4800306 035 $a(IMF)WPIEA2016245 035 $a(EXLCZ)993710000001045029 100 $a20020129d2016 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 14$aThe Effects of Monetary Policy Shocks on Inequality /$fDavide Furceri, Prakash Loungani, Aleksandra Zdzienicka 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2016. 215 $a1 online resource (44 pages) $cillustrations 225 1 $aIMF Working Papers 311 $a1-4755-6309-4 320 $aIncludes bibliographical references. 330 3 $aThis paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2016/245 606 $aMonetary policy 606 $aIncome distribution 606 $aBanks and Banking$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aFiscal Policy$2imf 606 $aIncomes Policy$2imf 606 $aPrice Policy$2imf 606 $aEquity, Justice, Inequality, and Other Normative Criteria and Measurement$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aMonetary Policy$2imf 606 $aBanking$2imf 606 $aMonetary economics$2imf 606 $aIncome inequality$2imf 606 $aCentral bank policy rate$2imf 606 $aIncome distribution$2imf 606 $aPersonal income$2imf 606 $aMonetary expansion$2imf 606 $aNational accounts$2imf 606 $aFinancial services$2imf 606 $aMonetary policy$2imf 606 $aInterest rates$2imf 606 $aIncome$2imf 607 $aUnited States$2imf 615 0$aMonetary policy. 615 0$aIncome distribution. 615 7$aBanks and Banking 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aFiscal Policy 615 7$aIncomes Policy 615 7$aPrice Policy 615 7$aEquity, Justice, Inequality, and Other Normative Criteria and Measurement 615 7$aAggregate Factor Income Distribution 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aMonetary Policy 615 7$aBanking 615 7$aMonetary economics 615 7$aIncome inequality 615 7$aCentral bank policy rate 615 7$aIncome distribution 615 7$aPersonal income 615 7$aMonetary expansion 615 7$aNational accounts 615 7$aFinancial services 615 7$aMonetary policy 615 7$aInterest rates 615 7$aIncome 676 $a332.46 700 $aFurceri$b Davide$01157580 701 $aLoungani$b Prakash$01167752 701 $aZdzienicka$b Aleksandra$01451039 801 0$bDcWaIMF 906 $aBOOK 912 $a9910162944503321 996 $aThe Effects of Monetary Policy Shocks on Inequality$93650845 997 $aUNINA