The effects of monetary policy on income and wealth inequality in the U.S. Exploring different channels
Por favor, use este identificador para citar o enlazar este ítem:
http://hdl.handle.net/10045/112010
Título: | The effects of monetary policy on income and wealth inequality in the U.S. Exploring different channels |
---|---|
Autor/es: | Albert, Juan‐Francisco | Peñalver Benavent, Antonio | Pérez-Bernabeu, Alberto |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico |
Palabras clave: | Monetary policy | Income and wealth inequality | BVAR | Proxy SVAR | High-frequency identification |
Área/s de conocimiento: | Fundamentos del Análisis Económico |
Fecha de publicación: | dic-2020 |
Editor: | Elsevier |
Cita bibliográfica: | Structural Change and Economic Dynamics. 2020, 55: 88-106. https://doi.org/10.1016/j.strueco.2020.07.002 |
Resumen: | We assess the effects of monetary policy shocks on income and wealth inequality through direct inequality measures and by analyzing several transmission channels explored in recent literature. Furthermore, we analyze two additional channels: the Housing and the Fiscal channels. The methodology adopted is a Bayesian proxy SVAR using a high-frequency identification based on the external instruments approach. Our own policy shocks are constructed for this purpose. The results show that an expansionary monetary policy shock does not have a significant effect on income inequality due to the existence of opposite channels, whereas it increases wealth inequality mainly through the portfolio channel. |
Patrocinador/es: | This research was supported by the FPU grant (FPU16/03957) from the Ministerio de Ciencia e Innovación/Universidades (Spain) to the first author of this research. This work is also partially funded by the Ministerio de Economia y Cometitividad (Spain) with the project TIN2016-80565-R : Design and development of high performance algorithms for finding the best econometric model and its application to health science problems. |
URI: | http://hdl.handle.net/10045/112010 |
ISSN: | 0954-349X (Print) | 1873-6017 (Online) |
DOI: | 10.1016/j.strueco.2020.07.002 |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © 2020 Elsevier B.V. |
Revisión científica: | si |
Versión del editor: | https://doi.org/10.1016/j.strueco.2020.07.002 |
Aparece en las colecciones: | Personal Investigador sin Adscripción a Grupo |
Archivos en este ítem:
Archivo | Descripción | Tamaño | Formato | |
---|---|---|---|---|
Albert_etal_2020_StructChangeEconDyn_final.pdf | Versión final (acceso restringido) | 5,3 MB | Adobe PDF | Abrir Solicitar una copia |
Albert_etal_2020_StructChangeEconDyn_preprint.pdf | Preprint (acceso abierto) | 3,52 MB | Adobe PDF | Abrir Vista previa |
Todos los documentos en RUA están protegidos por derechos de autor. Algunos derechos reservados.