Income Inequality and the Distributional Effects of Monetary Policy: The Role of Financial Heterogeneity

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F20%3A10426591" target="_blank" >RIV/00216208:11230/20:10426591 - isvavai.cz</a>

Result on the web

<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=0-eko2fw3V" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=0-eko2fw3V</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.32065/CJEF.2020.06.01" target="_blank" >10.32065/CJEF.2020.06.01</a>

Result language

angličtina

Original language name

Income Inequality and the Distributional Effects of Monetary Policy: The Role of Financial Heterogeneity

Original language description

We study the effects of both standard and unconventional monetary policies (UMPs) of the European Central Bank (ECB) on income inequality in 19 Euro Area (EA) member states over the years 2008-2018. We distinguish two main groups of UMPs: quantitative easing (QE) and credit easing (CE) policies. We further investigate the role of financial heterogeneity among EA member states in affecting the distributional effects of these monetary policies. Using the pooled mean group (PMG) estimator we find that restrictive standard monetary policy and expansionary UMPs lead to higher income inequality. Furthermore, our results suggest that a higher level of financial development augments the distributional effects of monetary policies. We also find that the financial integration and the stage of the credit cycle affect the distributional effects of monetary policy, while the stage of real estate prices and stock prices cycles do not.

Czech name

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Czech description

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Type

J_imp - Article in a specialist periodical, which is included in the Web of Science database

CEP classification

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OECD FORD branch

50201 - Economic Theory

Project

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Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2020

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Finance a úvěr

ISSN

0015-1920

e-ISSN

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Volume of the periodical

70

Issue of the periodical within the volume

6

Country of publishing house

CZ - CZECH REPUBLIC

Number of pages

33

Pages from-to

488-520

UT code for WoS article

000634698100001

EID of the result in the Scopus database

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