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

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

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OECD FORD obor

50201 - Economic Theory

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2020

Kód důvěrnosti údajů

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

Název periodika

Finance a úvěr

ISSN

0015-1920

e-ISSN

—

Svazek periodika

70

Číslo periodika v rámci svazku

6

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

33

Strana od-do

488-520

Kód UT WoS článku

000634698100001

EID výsledku v databázi Scopus

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