Unconventional monetary policy and inequality: is Japan unique?
Unconventional monetary policy and inequality: is Japan unique?
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非常规货币政策和不平等：日本是独一无二的吗？
DOI：
10.1080/00036846.2020.1745748
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发表时间：
2020
影响因子：
2.2
通讯作者：
Jon Frost
中科院分区：
文献类型：
--
作者：
Ayako Saiki;Jon Frost
非常规货币政策通过两个方向相反的渠道影响不平等--劳动力市场渠道(就业更多、工资更高)和金融市场渠道(资产价格更高)。在之前一篇涵盖UMP至2014年的论文中，我们发现，日本的UMP通过对资产价格的影响，导致了更大的收入不平等。随着时间的延长，包括劳动力市场数据在内的更丰富的数据集，以及结构向量自回归(SVaR)，我们确认这些结果仍然成立，并调查为什么UMP对日本不平等的影响不同于其他一些国家。我们认为，日本的结构性问题可能会切断劳动力市场渠道，尤其是：(I)劳动力市场僵化；以及(Ii)65岁以上或退休的人口所占比例很大。老一辈人的资本利得和股息被重新储蓄在其他金融资产中，而不是被消费或用于创业。与此同时，由于日本劳动力市场的摩擦，尽管劳动力严重短缺，但工资并未增加。我们得出结论，这些因素可能使UMP在日本制造的不平等通过国际比较是独一无二的。
Unconventional monetary policy (UMP) influences inequality through two channels that work in opposite directions – a labour market channel (more employment, higher wages) and a financial market channel (higher asset prices). In an earlier paper, covering UMP through 2014, we found that UMP in Japan had contributed to greater income inequality through its effects on asset prices. With a longer time period, a richer dataset including labour market data, and a structural vector autoregression (SVAR) we confirm that these results continue to hold, and investigate why UMP’s impact on inequality in Japan differs from some other countries. We argue that Japanese structural issues may mute the labour market channel, especially: (i) labour market rigidity; and (ii) the large share of the population that is older than 65 years old or retired. The older cohort’s capital gains and dividends are re-saved in other financial assets, instead of being consumed or used for starting businesses. At the same time, wages have not increased despite the severe labour shortage, due to the frictions in Japan’s labour market. We conclude that these factors may make the inequality created by UMP in Japan unique by international comparison.