The Impact of Monetary Policy on Inequality in the UK. An Empirical Analysis
The Impact of Monetary Policy on Inequality in the UK. An Empirical Analysis
复制标题
货币政策对英国不平等的影响。
DOI：
10.1016/j.euroecorev.2017.07.008
复制
发表时间：
2017
影响因子：
2.8
通讯作者：
Angeliki Theophilopoulou
中科院分区：
文献类型：
--
作者：
Haroon Mumtaz;Angeliki Theophilopoulou
在过去40年里，英国经历了收入和收入不平等的急剧加剧。我们使用详细的微观层面信息来构建1969年至2012年不平等的季度历史度量。我们调查了货币政策冲击是否在解释这种不平等的增加方面发挥了作用。我们发现，紧缩的货币政策冲击导致收入、收入和消费不平等的增加，并有助于其波动。收入和消费在不同分位数上的反应表明，与分布顶端的家庭相比，紧缩政策对低收入家庭和消费最少的家庭有更大的负面影响。我们的证据还表明，量化宽松政策可能是大衰退期间不平等加剧的原因之一。
The UK has experienced a dramatic increase in earnings and income inequality over the past four decades. We use detailed micro level information to construct quarterly historical measures of inequality from 1969 to 2012. We investigate whether monetary policy shocks played a role in explaining this increase in inequality. We find that contractionary monetary policy shocks lead to an increase in earnings, income and consumption inequality and contribute to their fluctuation. The response of income and consumption at different quantiles suggests that contractionary policy has a larger negative effect on low income households and those that consume the least when compared to those at the top of the distribution. Our evidence also suggests that the policy of quantitative easing may have contributed to the increase in inequality over the Great Recession.