MOVING CLOSER OR DRIFTING APART: DISTRIBUTIONAL EFFECTS OF MONETARY POLICY

Hafemann Lucas; Rudel Paul; Schmidt Joerg

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MOVING CLOSER OR DRIFTING APART: DISTRIBUTIONAL EFFECTS OF MONETARY POLICY

机译：近距离移动或漂移：货币政策的分配效应

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The heating debate about increasing income inequality forces monetary policy makers and academia to (re-)assess the nexus between (unconventional) monetary policy and inequality. We use a VAR framework to unveil the distributional effects of monetary policy and the role of redistribution in six advanced economies. While all of them experience an increase in Gini coefficients of gross income due to an expansionary monetary policy shock, only countries with relatively little redistribution display a significant response of net income inequality as well. To examine the underlying transmission channels we take a closer look at the sources of income, i.e. labor and capital income. Our findings suggest that the disproportional surge in capital income is the driving force behind the increase in net income inequality.

机译：关于收入不平等加剧的激烈辩论迫使货币政策制定者和学术界（重新）评估（非常规）货币政策与不平等之间的联系。我们使用VAR模型来揭示货币政策的分配效应和再分配在六个发达经济体中的作用。尽管所有国家都因扩张性的货币政策冲击而经历了总收入的基尼系数的增加，但只有再分配相对较少的国家也表现出对净收入不平等的重大反应。为了检查基本的传输渠道，我们仔细研究收入的来源，即劳动力和资本收入。我们的发现表明，资本收入的不成比例激增是净收入不平等加剧的驱动力。

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《The Manchester school》 |2018年第5suppla期|110-136|共27页
作者
Hafemann Lucas; Rudel Paul; Schmidt Joerg;
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Justus Liebig Univ Giessen, Giessen, Germany;

Justus Liebig Univ Giessen, Giessen, Germany;

Justus Liebig Univ Giessen, Giessen, Germany;

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1. The distributional effects of conventional monetary policy and quantitative easing: Evidence from an estimated DSGE model [J] . Journal of banking & finance . 2020,第Apra期

机译：常规货币政策和量化宽松政策的分配效应：来自DSGE估计模型的证据
2. Estimating monetary policy effects when interest rates are close to zero [J] . Shigeru Iwata, Shu Wu Journal of Monetary Economics . 2006,第7期

机译：在利率接近零时估算货币政策的影响
3. A factor-augmented vector autoregressive (FAVAR) approach for monetary policy: Replication of the empirical results in 'measuring the effects of monetary policy' [J] . Luvsannyam Davaajargal, Batmunkh Khuslen Journal of applied econometrics . 2019,第5期

机译：货币政策的因子增强向量自回归（FAVAR）方法：复制经验结果以“衡量货币政策的影响”
4. The Macroeconomic Effects of Unconventional Monetary Policy: Evidence from Japan [C] . Ryoya Nagao, Yoshihiro Kondo, Yoshiyuki Nakazono 統計関連学会連合大会 . 2020

机译：非传统货币政策的宏观经济效应：来自日本的证据
5. Empirical study on the effects of monetary policy on exchange rates: The role of uncertainty in monetary policy [D] . Chung, Joonho 1998

机译：货币政策对汇率影响的实证研究：不确定性在货币政策中的作用
6. The genetics of adaptation: the roles of pleiotropy, stabilizing selection and drift in shaping the distribution of bidirectional fixed mutational effects. [O] . Cortland K Griswold, Michael C Whitlock 2013

机译：适应的遗传学：多效性，稳定选择和漂移在塑造双向固定突变效应分布中的作用。
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

MOVING CLOSER OR DRIFTING APART: DISTRIBUTIONAL EFFECTS OF MONETARY POLICY

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