Monetary policy and inequality
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- dc.contributor.author Andersen, Asger Lau
- dc.contributor.author Johannesen, Niels
- dc.contributor.author Jørgensen, Mia
- dc.contributor.author Peydró, José-Luis
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:10:09Z
- dc.date.available 2024-11-14T10:10:09Z
- dc.date.issued 2020-12-20
- dc.date.modified 2024-11-14T10:07:31Z
- dc.description.abstract 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.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1761
- dc.identifier.citation Journal of Finance, forthcoming
- dc.identifier.uri http://hdl.handle.net/10230/68667
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1761
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword monetary policy
- dc.subject.keyword inequality
- dc.subject.keyword household heterogeneity
- dc.subject.keyword Finance and Accounting
- dc.title Monetary policy and inequality
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper