Editorial: Distributional Effects of Monetary Policy

IF 3.3 3区经济学 Q1 DEVELOPMENT STUDIES

Journal of Economic Policy Reform Pub Date : 2022-01-09 DOI:10.1080/17487870.2021.1997748

P. Arestis, S. Pérez-Moreno

{"title":"Editorial: Distributional Effects of Monetary Policy","authors":"P. Arestis, S. Pérez-Moreno","doi":"10.1080/17487870.2021.1997748","DOIUrl":null,"url":null,"abstract":"policy” analyses the income distributional effect of monetary policy in the UK during the period 1993–2019, comparing the distributional impact of the conventional and unconventional monetary policy applied during the 1993–2008 and 2009–2019 periods, respectively. They explore the role of income composition and earnings heterogeneity as empirically relevant transmission channels of the distributional impact of monetary policy. While during the conventional monetary policy period (1993–2008) the effect of expansionary monetary policy on income inequality is non-conclusive, they conclude that the unconventional monetary policy shocks increased income inequality during the 2009–2019 period. This is primarily related to stock market gains of the upper part of income distribution because of the Quantitative Easing programs implemented during the decade of 2010s. These implications on income inequality, which differ from the results obtained in some other previous studies, lead the authors to warn of similar results expected as a consequence of the Bank of England’s measures in response to the Covid-19 disruption.","PeriodicalId":51737,"journal":{"name":"Journal of Economic Policy Reform","volume":"25 1","pages":"415 - 419"},"PeriodicalIF":3.3000,"publicationDate":"2022-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic Policy Reform","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/17487870.2021.1997748","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"DEVELOPMENT STUDIES","Score":null,"Total":0}

引用次数: 1

Abstract

policy” analyses the income distributional effect of monetary policy in the UK during the period 1993–2019, comparing the distributional impact of the conventional and unconventional monetary policy applied during the 1993–2008 and 2009–2019 periods, respectively. They explore the role of income composition and earnings heterogeneity as empirically relevant transmission channels of the distributional impact of monetary policy. While during the conventional monetary policy period (1993–2008) the effect of expansionary monetary policy on income inequality is non-conclusive, they conclude that the unconventional monetary policy shocks increased income inequality during the 2009–2019 period. This is primarily related to stock market gains of the upper part of income distribution because of the Quantitative Easing programs implemented during the decade of 2010s. These implications on income inequality, which differ from the results obtained in some other previous studies, lead the authors to warn of similar results expected as a consequence of the Bank of England’s measures in response to the Covid-19 disruption.

查看原文本刊更多论文

社论:货币政策的分配效应

政策”分析了1993-2019年期间英国货币政策的收入分配效应，分别比较了1993-2008年和2009-2019年期间实施的传统货币政策和非常规货币政策的分配影响。他们探讨了收入构成和收入异质性作为货币政策分配影响的实证相关传导渠道的作用。虽然在常规货币政策时期（1993-2008），扩张性货币政策对收入不平等的影响是不确定的，但他们得出的结论是，非常规货币政策冲击加剧了2009-2019年期间的收入不平等。这主要与收入分配上部的股市收益有关，因为在2010年代实施了量化宽松计划。这些对收入不平等的影响与之前其他一些研究中获得的结果不同，导致作者警告说，由于英格兰银行应对新冠肺炎疫情的措施，预计会产生类似的结果。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

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.