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.date.accessioned 2025-04-22T07:04:14Z
• dc.date.available 2025-04-22T07:04:14Z
• dc.date.issued 2023
• dc.description Supplementary materials files: online appendix; replication data.
• 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 to 2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We find that gains from softer monetary policy in terms of income, wealth, and consumption are monotonically increasing in ex ante income. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially nonlabor channels (e.g., leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality.en
• dc.description.sponsorship The Center for Economic Behavior and Inequality (CEBI) at the University of Copenhagen is supported by Danish National Research Foundation Grant DNRF134. Financial support from AEI/FEDER, UE-PGC2018-102133-B-I00, and the European Research Council, Grant No. 648398, is gratefully acknowledged. Peydró also acknowledges financial support from the Spanish Ministry of Science and Innovation, through the Severo Ochoa Programme for Centres of Excellence in R&D (CEX2019-000915-S). Andersen and Johannesen gratefully acknowledge support from the Danish Finance Institute (DFI). None of the authors has conflicts of interest to declare.en
• dc.format.mimetype application/pdf
• dc.identifier.citation Andersen AL, Johannesen N, Jørgensen M, Peydró JL. Monetary policy and inequality. J Finance. 2023 Oct;78(5):2945-89. DOI: 10.1111/jofi.13262
• dc.identifier.doi http://dx.doi.org/10.1111/jofi.13262
• dc.identifier.issn 0022-1082
• dc.identifier.uri http://hdl.handle.net/10230/70180
• dc.language.iso eng
• dc.publisher Wiley
• dc.relation.ispartof The Journal of Finance. 2023 Oct;78(5):2945-89
• dc.relation.projectID info:eu-repo/grantAgreement/EC/FP7/648398
• dc.relation.projectID info:eu-repo/grantAgreement/ES/2PE/CEX2019-000915-S
• dc.rights © 2023 The Authors. The Journal of Finance published by Wiley Periodicals LLC on behalf of American Finance Association. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made.
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/4.0/
• dc.subject.other Política monetàriaca
• dc.subject.other Política econòmicaca
• dc.subject.other Desigualtat socialca
• dc.title Monetary policy and inequalityen
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion