Distributional impact of monetary policy in the UK: from conventional to unconventional policy

IF 3.3 3区经济学 Q1 DEVELOPMENT STUDIES

Journal of Economic Policy Reform Pub Date : 2021-07-22 DOI:10.1080/17487870.2021.1949316

Fernando Ballabriga, Karen Davtyan

引用次数: 2

Abstract

ABSTRACT We evaluate the income distributional effect of monetary policy in the UK for the period 1993–2019 using a mixed frequency approach and a high-frequency identification. Our results indicate that expansionary monetary policy increased income inequality during the unconventional policy subperiod 2009–2019. Looking at the income brackets, we find that this increase in inequality is primarily due to the positive impact of expansionary policy on the upper share of income distribution. Our counterfactual analysis reveals that unconventional monetary policy contributed to the increase in inequality and that the response to COVID-19 is likely to do the same.

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英国货币政策的分布影响：从常规政策到非常规政策

摘要我们使用混合频率法和高频识别法评估了1993-2019年期间英国货币政策的收入分配效应。我们的研究结果表明，扩张性货币政策在2009-2019年非常规政策子时期加剧了收入不平等。从收入等级来看，我们发现这种不平等的增加主要是由于扩张性政策对收入分配的较高份额产生的积极影响。我们的反事实分析表明，非常规货币政策导致了不平等的加剧，而应对新冠肺炎的措施也可能起到同样的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Economic Policy Reform Multiple-

CiteScore

6.60

自引率

0.00%

发文量

期刊介绍： The Journal of Economic Policy Reform focuses on the analysis of economic policy reform. The journal draws upon what lessons can be learned from the successes and failures of countries undertaking reforms and how existing theories can be developed to shed light on positive as well as normative aspects of the reform process. The Journal of Economic Policy Reform encourages work from economists and political economy analysts on policies to promote growth and reduce poverty, intellectual property rights, aid versus trade, debt and debt relief, taxation and social security systems, surveys of key reform issues, as well as on corruption, democracy, emerging markets and the role of multilateral institutions.