货币政策冲击对美国各州收入不平等的影响

IF 0.9 Q3 ECONOMICS
Sima Siami-Namini, Conrad Lyford, A. Alexandre Trindade
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引用次数: 4

摘要

本文利用1959年至2015年期间美国50个州和哥伦比亚特区(DC)的时间序列跨州面板数据,旨在通过利率和消费者价格指数(CPI)通胀渠道评估紧缩性货币政策冲击对收入不平等的直接和间接影响。为了解决这个问题,作者研究了通货膨胀与收入不平等之间以及国内生产总值(GDP)与收入不平等之间可能存在的两种线性和非线性关系。利用不同的收入不平等测度,集合模型和个体固定效应模型的结果表明,在线性回归中,CPI通胀正、利率负向影响所有的收入不平等测度。研究结果证实了通货膨胀与收入不平等之间存在非线性关系,以及GDP与收入不平等之间存在库兹涅茨倒u型假设。线性和非线性回归的结果表明,作为模型的基线,DC和俄亥俄州分别比阿拉巴马州更好和更差。个体面板向量自回归(PVAR)模型的脉冲响应函数(irf)表明,短期内通过利率渠道实施紧缩货币政策可以减少收入不平等,长期内通过通货膨胀渠道持续实施紧缩货币政策可以增加收入不平等。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Effects of Monetary Policy Shocks on Income Inequality Across U.S. States

Using a time series cross-state panel data of 50 U.S. states and the District of Columbia (DC) over the period of 1959 through 2015, this article intends to assess the direct and indirect effects of contractionary monetary policy shocks on income inequality through interest rate and consumer price index (CPI) inflation channels. To address this, the authors examine two possible linear and non-linear relationships between inflation and income inequality and between gross domestic product (GDP) and income inequality. Using various measures of income inequality, the results of the pooled model and the individual fixed effect model show that CPI inflation positively and interest rate negatively affect all measures of income inequality in linear regression. The results confirm the existence of the non-linearity relationship between inflation and income inequality as well as the Kuznets inverted “U-shaped” hypothesis between GDP and income inequality. The results of linear and non-linear regressions show that the DC and the state of Ohio are better off and worse off than the state of Alabama as baseline of models, respectively. The impulse response functions (IRFs) for the individual panel vector autoregressive (PVAR) models show that income inequality could be reduced by implementing contractionary monetary policy through interest rate channel in the short run and increased persistently pursuing contractionary monetary policies via inflation channel in the long run.

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来源期刊
Economic Papers
Economic Papers ECONOMICS-
CiteScore
2.30
自引率
0.00%
发文量
23
期刊介绍: Economic Papers is one of two journals published by the Economics Society of Australia. The journal features a balance of high quality research in applied economics and economic policy analysis which distinguishes it from other Australian journals. The intended audience is the broad range of economists working in business, government and academic communities within Australia and internationally who are interested in economic issues related to Australia and the Asia-Pacific region. Contributions are sought from economists working in these areas and should be written to be accessible to a wide section of our readership. All contributions are refereed.
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