Income inequality as long-term conditioning factor of monetary transmission to bank rates
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F23%3A10471060" target="_blank" >RIV/00216208:11230/23:10471060 - isvavai.cz</a>
Result on the web
<a href="https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=zw7KqSz-tZ" target="_blank" >https://verso.is.cuni.cz/pub/verso.fpl?fname=obd_publikace_handle&handle=zw7KqSz-tZ</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1016/j.econmod.2023.106492" target="_blank" >10.1016/j.econmod.2023.106492</a>
Alternative languages
Result language
angličtina
Original language name
Income inequality as long-term conditioning factor of monetary transmission to bank rates
Original language description
Empirical evidence on the effect of income inequality on monetary policy transmission to bank interest rates remains scarce, despite few theoretical and empirical contributions suggesting that inequality might influence the response of economic agents to monetary policy shocks. We develop a novel measure of income inequality to investigate the effect of inequality on the transmission of monetary policy to bank loan rates. Using a panel of euro area countries over the years 2008-2016, we find that income inequality influences the transmission of monetary policy to bank loan rates over the long-term. The effect of income inequality on monetary transmission is heterogeneous across the different loan market segments and monetary policy measures. More specifically, higher income inequality hinders the transmission of standard monetary policy to consumer loan rates and limits the transmission of unconventional monetary policy to housing loan rates. Conversely, higher inequality improves monetary transmission to small firm loan segment.
Czech name
—
Czech description
—
Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
—
OECD FORD branch
50201 - Economic Theory
Result continuities
Project
—
Continuities
S - Specificky vyzkum na vysokych skolach<br>I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace
Others
Publication year
2023
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Economic Modelling
ISSN
0264-9993
e-ISSN
1873-6122
Volume of the periodical
128
Issue of the periodical within the volume
November 2023
Country of publishing house
NL - THE KINGDOM OF THE NETHERLANDS
Number of pages
27
Pages from-to
106492
UT code for WoS article
001074839500001
EID of the result in the Scopus database
2-s2.0-85170222823