The Effects Of Monetary Policy Shocks On Inequality PDF Download
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| Author | : Davide Furceri |
| Publisher | : International Monetary Fund |
| Total Pages | : 43 |
| Release | : 2017-01-18 |
| Genre | : Business & Economics |
| ISBN | : 1475568355 |
Download The Effects of Monetary Policy Shocks on Inequality Book in PDF, ePub and Kindle
This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.
| Author | : Mr.Olivier Coibion |
| Publisher | : International Monetary Fund |
| Total Pages | : 57 |
| Release | : 2012-08-01 |
| Genre | : Business & Economics |
| ISBN | : 1475505493 |
Download Innocent Bystanders? Monetary Policy and Inequality in the U.S. Book in PDF, ePub and Kindle
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
| Author | : Valentina Bonifacio |
| Publisher | : International Monetary Fund |
| Total Pages | : 47 |
| Release | : 2021-07-30 |
| Genre | : Business & Economics |
| ISBN | : 1513588850 |
Download Distributional Effects of Monetary Policy Book in PDF, ePub and Kindle
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.
| Author | : Mr.Michael Kumhof |
| Publisher | : International Monetary Fund |
| Total Pages | : 39 |
| Release | : 2010-11-01 |
| Genre | : Business & Economics |
| ISBN | : 1455210757 |
Download Inequality, Leverage and Crises Book in PDF, ePub and Kindle
The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically, the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of the rich, a large increase in leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if it is very large and not accompanied by a real contraction. But restoration of the lower income group's bargaining power is more effective.
| Author | : Otmar Issing |
| Publisher | : Cambridge University Press |
| Total Pages | : 220 |
| Release | : 2001-07-26 |
| Genre | : Business & Economics |
| ISBN | : 9780521788885 |
Download Monetary Policy in the Euro Area Book in PDF, ePub and Kindle
A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
| Author | : Mr.Martin Cihak |
| Publisher | : International Monetary Fund |
| Total Pages | : 50 |
| Release | : 2020-01-17 |
| Genre | : Business & Economics |
| ISBN | : 1513526545 |
Download Finance and Inequality Book in PDF, ePub and Kindle
The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.
| Author | : Olivier Coibion |
| Publisher | : |
| Total Pages | : 53 |
| Release | : 2012 |
| Genre | : Economics |
| ISBN | : |
Download Innocent Bystanders? Book in PDF, ePub and Kindle
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy -- National Bureau of Economic Research web site.
| Author | : Ms. Era Dabla-Norris |
| Publisher | : International Monetary Fund |
| Total Pages | : 33 |
| Release | : 2015-06-15 |
| Genre | : Business & Economics |
| ISBN | : 1513547437 |
Download Causes and Consequences of Income Inequality Book in PDF, ePub and Kindle
This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
| Author | : Niels-Jakob Harbo Hansen |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2023 |
| Genre | : |
| ISBN | : |
Download Should Inequality Factor Into Central Banks' Decisions? Book in PDF, ePub and Kindle
| Author | : Ms. Florence Jaumotte |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 2015-07-10 |
| Genre | : Business & Economics |
| ISBN | : 1513526901 |
Download Inequality and Labor Market Institutions Book in PDF, ePub and Kindle
The SDN examines the role of labor market institutions in the rise of income inequality in advanced economies, alongside other determinants. The evidence strongly indicates that de-unionization is associated with rising top earners’ income shares and less redistribution, while eroding minimum wages are related to increases in overall income inequality. The results, however, also suggest that a lack of representativeness of unions may be associated with higher inequality. These findings do not necessarily constitute a blanket recommendation for higher unionization and minimum wages, as country-specific circumstances and potential trade-offs with other policy objectives need to be considered. Addressing inequality also requires a multipronged approach, which should include taxation reform and curbing excesses associated with financial deregulation.
