| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15599 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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