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1 juin 2020
- handle: 10670/1.8482s3
- hal: hal-03389183
- SCIENCESPO: 2441/5srl83htc08lnqmtptsrb72rt9
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info:eu-repo/semantics/altIdentifier/hdl/2441/5srl83htc08lnqmtptsrb72rt9
info:eu-repo/semantics/OpenAccess
Mots-clés
Euro Area Monetary policy Income distribution Panel VAR E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal Policy E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E64 - Incomes Policy • Price Policy D - Microeconomics/D.D6 - Welfare Economics/D.D6.D63 - Equity, Justice, Inequality, and Other Normative Criteria and MeasurementSujets proches
Monetary management Social inequality Social equality Inequality EgalitarianismCiter ce document
Jérôme Creel et al., « Income inequality and monetary policy in the Euro Area », Archive ouverte de Sciences Po (SPIRE), ID : 10670/1.8482s3
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Résumé
This paper examines the distributional implications of monetary policy, either standard, non-standard or both, on income inequality in 10 Euro Area countries over the period 2000-2015. We use three different indicators of income inequality in a Panel VAR setting in order to estimate IRFs of inequality to a monetary policy shock. The identification of monetary shocks follows a one-step procedure and relies only on country-specific determinants of income distribution. Results suggest that: (i) the distributional effects of ECB’s monetary policy have been modest and (ii) mainly driven in times of conventional monetary policy measures, especially in countries with a high level of market inequalities, while, overall, (iii) standard and non-standard monetary policies do not significantly differ in terms of impact on income inequality. Results are robust to alternative data sources either for income distribution or for non-standard monetary policies.