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The effects of monetary policy on income and wealth inequality in the U.S. Exploring different channels

机译：货币政策对美国收入和财富不平等的影响探索不同渠道

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摘要

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. (C) 2020 Elsevier B.V. All rights reserved.
机译：通过直接不平等措施，通过直接不平等措施评估货币政策冲击对收入和财富不平等的影响，并通过分析近期文学探讨的几次传输渠道。此外，我们分析了两个附加渠道：住房和财政渠道。采用的方法是使用基于外部仪器方法的高频识别的贝叶斯代理SVAR。为此目的构建了我们自己的政策冲击。结果表明，由于相反渠道的存在，扩张性货币政策休克对收入不平等没有显着影响，而主要通过投资组合渠道增加财富不平等。 （c）2020 Elsevier B.v.保留所有权利。

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