The effects of monetary policy on income and wealth inequality in the U.S. Exploring different channels
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http://hdl.handle.net/10045/112010
Títol: | The effects of monetary policy on income and wealth inequality in the U.S. Exploring different channels |
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Autors: | Albert, Juan‐Francisco | Peñalver Benavent, Antonio | Pérez-Bernabeu, Alberto |
Centre, Departament o Servei: | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico |
Paraules clau: | Monetary policy | Income and wealth inequality | BVAR | Proxy SVAR | High-frequency identification |
Àrees de coneixement: | Fundamentos del Análisis Económico |
Data de publicació: | de desembre-2020 |
Editor: | Elsevier |
Citació bibliogràfica: | Structural Change and Economic Dynamics. 2020, 55: 88-106. https://doi.org/10.1016/j.strueco.2020.07.002 |
Resum: | 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. |
Patrocinadors: | 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 |
Tipus: | info:eu-repo/semantics/article |
Drets: | © 2020 Elsevier B.V. |
Revisió científica: | si |
Versió de l'editor: | https://doi.org/10.1016/j.strueco.2020.07.002 |
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Albert_etal_2020_StructChangeEconDyn_final.pdf | Versión final (acceso restringido) | 5,3 MB | Adobe PDF | Obrir Sol·licitar una còpia |
Albert_etal_2020_StructChangeEconDyn_preprint.pdf | Preprint (acceso abierto) | 3,52 MB | Adobe PDF | Obrir Vista prèvia |
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