G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15734
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
URLhttps://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.
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