LEADER 05948oam 22010334 450 001 9910786482703321 005 20230801225402.0 010 $a1-4755-9500-X 010 $a1-4755-6351-5 035 $a(CKB)2670000000278827 035 $a(EBL)1606932 035 $a(SSID)ssj0000940776 035 $a(PQKBManifestationID)11494013 035 $a(PQKBTitleCode)TC0000940776 035 $a(PQKBWorkID)10956021 035 $a(PQKB)10918253 035 $a(MiAaPQ)EBC1606932 035 $a(Au-PeEL)EBL1606932 035 $a(CaPaEBR)ebr10627048 035 $a(OCoLC)805595897 035 $a(IMF)WPIEE2012199 035 $a(IMF)WPIEA2012199 035 $a(EXLCZ)992670000000278827 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInnocent Bystanders? Monetary Policy and Inequality in the U.S. /$fJohn Silvia, Lorenz Kueng, Olivier Coibion, Yuriy Gorodnichenko 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (58 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4755-8384-2 311 $a1-4755-0549-3 320 $aIncludes bibliographical references. 327 $aCover; 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? 327 $aIV. 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 Quintiles 327 $a7. 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 Quintile 327 $a4. 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 Increases 330 3 $aWe study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/199 606 $aMonetary policy$zUnited States 606 $aIncome$zUnited States 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aAggregate Factor Income Distribution$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aSaving$2imf 606 $aWealth$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aIncome inequality$2imf 606 $aIncome$2imf 606 $aConsumption$2imf 606 $aWages$2imf 606 $aIncome distribution$2imf 606 $aNational accounts$2imf 606 $aEconomics$2imf 607 $aUnited States$2imf 615 0$aMonetary policy 615 0$aIncome 615 7$aLabor 615 7$aMacroeconomics 615 7$aAggregate Factor Income Distribution 615 7$aMacroeconomics: Consumption 615 7$aSaving 615 7$aWealth 615 7$aWages, Compensation, and Labor Costs: General 615 7$aLabour 615 7$aincome economics 615 7$aIncome inequality 615 7$aIncome 615 7$aConsumption 615 7$aWages 615 7$aIncome distribution 615 7$aNational accounts 615 7$aEconomics 700 $aSilvia$b John$0877403 701 $aKueng$b Lorenz$01578637 701 $aCoibion$b Olivier$01578638 701 $aGorodnichenko$b Yuriy$01578639 801 0$bDcWaIMF 906 $aBOOK 912 $a9910786482703321 996 $aInnocent Bystanders? Monetary Policy and Inequality in the U.S$93858214 997 $aUNINA