Inequality and the business cycle: evidence from U.S. survey data
Inequality and the business cycle: evidence from U.S. survey data
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不平等与商业周期：来自美国调查数据的证据
DOI：
10.1080/00036846.2020.1711508
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发表时间：
2020
影响因子：
2.2
通讯作者：
Johann Scharler
中科院分区：
文献类型：
--
作者：
M. Geiger;Eric Mayer;Johann Scharler
本文从美国调查数据中研究宏观经济冲击对经济不平等指标的影响。为了识别总供给、总需求和货币政策冲击，我们估计向量自回归，并对脉冲响应函数施加符号和零限制。我们发现宏观经济冲击对不平等的影响取决于冲击的类型以及所考虑的不平等的度量。紧缩的货币政策冲击增加了支出和消费不平等，而收入和收入不平等受到的影响较小。不利的总供给和总需求冲击增加了收入和收入不平等，但减少了支出和消费不平等。我们的研究结果表明，不同的通道在冲击的传输中占主导地位。收入异质性通道与货币政策冲击后的不平等动态是一致的，但当经济受到总供给或总需求冲击时，它似乎不那么重要。使用方差分解，我们发现尽管宏观经济冲击占宏观经济变量变化的很大份额，但它们对不平等测度的动态贡献是有限的。
ABSTRACT We study the effects of macroeconomic shocks on measures of economic inequality obtained from U.S. survey data. To identify aggregate supply, aggregate demand, and monetary policy shocks, we estimate vector autoregressions and impose sign and zero restrictions on impulse response functions. We find that the effects of the macroeconomic shocks on inequality depend on the type of shock as well as on the measure of inequality considered. Contractionary monetary policy shocks increase expenditure and consumption inequality, whereas income and earnings inequality are less affected. Adverse aggregate supply and demand shocks increase income and earnings inequality, but reduce expenditure and consumption inequality. Our results suggest that different channels dominate in the transmission of the shocks. The earnings heterogeneity channel is consistent with the inequality dynamics after monetary policy shocks, but it appears to be less crucial when the economy is hit by either aggregate supply or aggregate demand shocks. Using variance decompositions, we find that although the macroeconomic shocks account for large shares of the variation in the macroeconomic variables, their contributions to the dynamics of the inequality measures are limited.
影响因子：
1.8
作者：
Groll, Andreas;Hambuckers, Julien;Umlauf, Nikolaus
通讯作者：
Umlauf, Nikolaus