Monetary Policy and Inequality:
This paper analyses two-way interactions between monetary policy and inequality in selected advanced economies. In the context of a highly accommodative monetary stance over recent years, the analysis focuses on the effects of monetary policy on inequality over the business cycle via its impacts on...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2016
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1281 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper analyses two-way interactions between monetary policy and inequality in selected advanced economies. In the context of a highly accommodative monetary stance over recent years, the analysis focuses on the effects of monetary policy on inequality over the business cycle via its impacts on returns on assets, the cost of debt servicing and asset prices. While monetary policy easing has a priori ambiguous effects on income and net wealth inequality, in practice these effects are estimated to be small. Cross-country differences in the size and distribution of income and net wealth explain contrasting effects. A house price increase generally reduces net wealth inequality, while the opposite is true for increases in equity and bond prices. Higher inequality can reduce the effectiveness of monetary policy stimulus in boosting private consumption, but such effects are estimated to be small. Cross-country differences in the size and composition of household financial assets rather than in their distribution are more relevant for differences in the effectiveness of monetary policy, especially via the wealth channel. |
| Beschreibung: | 1 Online-Ressource (37 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5jm2hz2x9hxr-en |
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| 520 | |a This paper analyses two-way interactions between monetary policy and inequality in selected advanced economies. In the context of a highly accommodative monetary stance over recent years, the analysis focuses on the effects of monetary policy on inequality over the business cycle via its impacts on returns on assets, the cost of debt servicing and asset prices. While monetary policy easing has a priori ambiguous effects on income and net wealth inequality, in practice these effects are estimated to be small. Cross-country differences in the size and distribution of income and net wealth explain contrasting effects. A house price increase generally reduces net wealth inequality, while the opposite is true for increases in equity and bond prices. Higher inequality can reduce the effectiveness of monetary policy stimulus in boosting private consumption, but such effects are estimated to be small. Cross-country differences in the size and composition of household financial assets rather than in their distribution are more relevant for differences in the effectiveness of monetary policy, especially via the wealth channel. | ||
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| indexdate | 2024-11-26T14:56:05Z |
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| spelling | O'Farrell, Rory VerfasserIn aut Monetary Policy and Inequality Rory, O'Farrell, Łukasz, Rawdanowicz and Kei-Ichiro, Inaba = Politique monétaire et inégalités / Rory, O'Farrell, Łukasz, Rawdanowicz et Kei-Ichiro, Inaba Politique monétaire et inégalités Paris OECD Publishing 2016 1 Online-Ressource (37 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1281 This paper analyses two-way interactions between monetary policy and inequality in selected advanced economies. In the context of a highly accommodative monetary stance over recent years, the analysis focuses on the effects of monetary policy on inequality over the business cycle via its impacts on returns on assets, the cost of debt servicing and asset prices. While monetary policy easing has a priori ambiguous effects on income and net wealth inequality, in practice these effects are estimated to be small. Cross-country differences in the size and distribution of income and net wealth explain contrasting effects. A house price increase generally reduces net wealth inequality, while the opposite is true for increases in equity and bond prices. Higher inequality can reduce the effectiveness of monetary policy stimulus in boosting private consumption, but such effects are estimated to be small. Cross-country differences in the size and composition of household financial assets rather than in their distribution are more relevant for differences in the effectiveness of monetary policy, especially via the wealth channel. Economics Rawdanowicz, Łukasz MitwirkendeR ctb Inaba, Kei-Ichiro MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5jm2hz2x9hxr-en Volltext |
| spellingShingle | O'Farrell, Rory Monetary Policy and Inequality Economics |
| title | Monetary Policy and Inequality |
| title_alt | Politique monétaire et inégalités |
| title_auth | Monetary Policy and Inequality |
| title_exact_search | Monetary Policy and Inequality |
| title_full | Monetary Policy and Inequality Rory, O'Farrell, Łukasz, Rawdanowicz and Kei-Ichiro, Inaba = Politique monétaire et inégalités / Rory, O'Farrell, Łukasz, Rawdanowicz et Kei-Ichiro, Inaba |
| title_fullStr | Monetary Policy and Inequality Rory, O'Farrell, Łukasz, Rawdanowicz and Kei-Ichiro, Inaba = Politique monétaire et inégalités / Rory, O'Farrell, Łukasz, Rawdanowicz et Kei-Ichiro, Inaba |
| title_full_unstemmed | Monetary Policy and Inequality Rory, O'Farrell, Łukasz, Rawdanowicz and Kei-Ichiro, Inaba = Politique monétaire et inégalités / Rory, O'Farrell, Łukasz, Rawdanowicz et Kei-Ichiro, Inaba |
| title_short | Monetary Policy and Inequality |
| title_sort | monetary policy and inequality |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5jm2hz2x9hxr-en |
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