| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP16079
|
| DP16079 How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area |
| Michele Lenza; Jirka Slacalek
|
| 发表日期 | 2021-04-28
|
| 出版年 | 2021
|
| 语种 | 英语
|
| 摘要 | This paper evaluates the impact of quantitative easing on income and wealth of individual
euro area households. We first estimate the aggregate effects of a QE shock, identified by
means of external instruments, in a multi-country VAR model with unemployment, wages,
interest rates, house prices and stock prices. We then distribute the aggregate effects across
households using a reduced-form simulation on micro data, which captures the portfolio
composition, the income composition and the earnings heterogeneity channels of transmission.
The earnings heterogeneity channel is important: QE compresses the income distribution
since many households with lower incomes become employed. In contrast, monetary policy
has only negligible effects on the Gini coefficient for wealth: while high-wealth households
benefit from higher stock prices, middle-wealth households benefit from higher house prices. |
| 主题 | Monetary Economics and Fluctuations
|
| 关键词 | monetary policy
Household heterogeneity
Inequality
Income
Wealth
Quantitative easing
|
| URL | https://cepr.org/publications/dp16079
|
| 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/545057
|
推荐引用方式
GB/T 7714 |
Michele Lenza,Jirka Slacalek. DP16079 How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area. 2021.
|
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