G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15599
DP15599 Monetary Policy and Inequality
José-Luis Peydró; Asger Lau Andersen; Niels Johannesen; Mia Jørgensen
发表日期2021-08-18
出版年2021
语种英语
摘要We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We consistently find that the gains from softer monetary policy in terms of income, wealth and consumption are monotonically increasing in the ex ante income level. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially non-labor channels (e.g. leverage and assets). Our estimates imply that softer monetary policy increases income inequality by raising income shares at the top of the income distribution and reducing them at the bottom.
主题Financial Economics ; Monetary Economics and Fluctuations ; Public Economics
关键词monetary policy Inequality Household heterogeneity Assets Leverage
URLhttps://cepr.org/publications/dp15599-0
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/545427
推荐引用方式
GB/T 7714
José-Luis Peydró,Asger Lau Andersen,Niels Johannesen,et al. DP15599 Monetary Policy and Inequality. 2021.
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