| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15734 |
| DP15734 Monetary policy and racial inequality | |
| Alina Bartscher; Moritz Kuhn; Moritz Schularick; Paul Wachtel | |
| 发表日期 | 2021-02-10 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households. Specifically, we show that, although a more accommodative monetary policy increases employment of black households more than white households, the overall effects are small. At the same time, an accommodative monetary policy shock exacerbates the wealth difference between black and white households, because black households own fewer financial assets that appreciate in value. Over a five year horizon, the employment effects remain substantially smaller than the countervailing portfolio effects. |
| 主题 | Financial Economics ; Labour Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Racial inequality Income distribution Wealth distribution Wealth effects |
| URL | https://cepr.org/publications/dp15734-0 |
| 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/544790 |
| 推荐引用方式 GB/T 7714 | Alina Bartscher,Moritz Kuhn,Moritz Schularick,et al. DP15734 Monetary policy and racial inequality. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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