| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14656 |
| DP14656 Unconventional Monetary Policy and Wealth Inequalities in Great Britain | |
| Anastasios Evgenidis; Apostolos Fasianos | |
| 发表日期 | 2020-04-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper explores whether unconventional monetary policy operations have redistributive effects on household wealth. Drawing on household balance sheet data from the Wealth and Asset Survey, we construct monthly time series indicators on the distribution of different asset types held by British households for the period that the monetary policy switched, as the policy rate reached the zero-lower bound. Using this series, we estimate the response of wealth inequalities on monetary policy, taking into account the effect of unconventional policies conducted by the Bank of England in response to the Global Financial Crisis. Our evidence reveals that unconventional monetary policy shocks have significant and lingering effects on wealth inequality: the shock raises wealth inequality across households, as measured by their Gini coefficients, percentile shares, and other standard inequality indicators. Additionally, we explore the effects of different transmission channels simultaneously. We find that the portfolio rebalancing channel and house price effects widen the wealth gap, outweighing the counterbalancing impact of the savings redistribution and inflation channels. The findings of our analysis help to raise awareness of central bankers about the redistributive effects of their monetary policy decisions. |
| 主题 | Public Economics |
| 关键词 | monetary policy Quantitative easing Wealth inequality Household portfolios Var Survey data |
| URL | https://cepr.org/publications/dp14656 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543570 |
| 推荐引用方式 GB/T 7714 | Anastasios Evgenidis,Apostolos Fasianos. DP14656 Unconventional Monetary Policy and Wealth Inequalities in Great Britain. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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