财富不平等是否影响货币政策的传导?

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2023-03-01 DOI:10.1016/j.jmacro.2022.103474

Alexander Matusche , Johannes Wacks

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引用次数: 2

摘要

我们提供的证据表明，家庭之间财富不平等程度越高，货币政策的实际效果就越强。首先，我们使用依赖于国家的地方预测来表明，在财富不平等加剧的时期，美国和英国表现出更强的货币政策实际效果。其次，我们衡量了美国各州的财富不平等，并记录了财富分配更不平等的州的经济活动对利率变化的反应更强烈。第三，我们发现欧洲央行的货币政策在财富不平等程度较高的欧元区国家具有更强的实际效果。

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Does wealth inequality affect the transmission of monetary policy?

We provide evidence that higher wealth inequality between households is associated with stronger real effects of monetary policy. First, we use state-dependent local projections to show that the US and the UK exhibited stronger real effects of monetary policy in times of higher wealth inequality. Second, we measure wealth inequality within US states and document that economic activity responds more strongly to interest rate changes in states where wealth is distributed more unequally. Third, we show that ECB monetary policy has stronger real effects in Euro Area countries with higher wealth inequality.

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来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.