|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|92740||2018||48 صفحه PDF||سفارش دهید||9716 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of International Money and Finance, Volume 85, July 2018, Pages 168-186
This paper provides new evidence of the effect of conventional monetary policy shocks on income inequality. We construct a measure of unanticipated changes in policy ratesâchanges in short-term interest rates that are orthogonal to unexpected changes in growth and inflation newsâfor a panel of 32 advanced and emerging market countries over the period 1990â2013. Our main finding is that contractionary monetary policy shocks increase income inequality, on average. The effect is asymmetricâtightening of policy raises inequality more than easing lowers itâand depends on the state of the business cycle. We find some evidence that the effect increases with the share of labor income and is mitigated by redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth and inflation are associated with lower inequality.