赢家和输家：货币政策对收入和消费不平等的影响

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-05-30 DOI:10.1016/j.ememar.2025.101318

Aariya Sen , Rudra Sensarma

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引用次数: 0

摘要

最近的研究考察了货币政策对经济不平等的影响，但主要集中在发达经济体和财富不平等上。我们分析了从印度家庭层面数据集估计的货币政策对收入和消费不平等的影响。我们将Sign-Restricted VAR和Local Projection模型应用于2014-2023年的月度数据。我们表明，紧缩的货币政策在减少收入不平等的同时加剧了消费不平等。我们还发现，虽然限制性货币政策减少了资本收入不平等和工资收入不平等，但它扩大了资本和工资收入者之间的差距。此外，货币政策表现出不对称效应，表明央行需要权衡取舍。

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Winners and Losers: The Effects of Monetary Policy on Income and Consumption Inequality

Recent studies have examined the impact of monetary policy on economic inequality, but have focused on advanced economies and wealth inequality. We analyse the impact of monetary policy on income and consumption inequality estimated from a household level dataset in India. We apply Sign-Restricted VAR and Local Projection models to monthly data for 2014–2023. We show that contractionary monetary policy worsens consumption inequality while reducing income inequality. We also find that while restrictive monetary policy reduces capital income inequality and wage income inequality it widens the gap between capital and wage income earners. Moreover, monetary policy exhibits asymmetric effects, suggesting trade-offs for the central bank.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.