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The effects of monetary policy shocks on inequality

Author: Davide Furceri; Prakash Loungani; Aleksandra Zdzienicka; International Monetary Fund,; International Monetary Fund. Research Department,
Publisher: [Washington, D.C.] : International Monetary Fund, [2016] ©2016
Series: IMF working paper, WP/16/245.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks  Read more...
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Additional Physical Format: Print Version:
Furceri, Davide
The Effects of Monetary Policy Shocks on Inequality
Washington, D.C. : International Monetary Fund,2016
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Davide Furceri; Prakash Loungani; Aleksandra Zdzienicka; International Monetary Fund,; International Monetary Fund. Research Department,
ISBN: 9781475563092 1475563094
OCLC Number: 967704132
Notes: "December 2016."
At head of title: International Monetary Fund, Research Department.
Description: 1 online resource (43 pages) : color illustrations.
Series Title: IMF working paper, WP/16/245.
Responsibility: prepared by Davide Furceri, Prakash Loungani, and Aleksandra Zdzienicka.

Abstract:

This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.

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