美国的货币政策与资产净值再分配

IF 3.3 3区经济学 Q1 DEVELOPMENT STUDIES

Journal of Economic Policy Reform Pub Date : 2021-04-09 DOI:10.1080/17487870.2021.1895778

Juan-Francisco Albert, Nerea Gómez-Fernández

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引用次数: 8

摘要

摘要本文旨在研究货币政策对美国财富不平等的分配效应。结合宏观和微观数据，我们发现，在扩张性货币政策冲击后，财富不平等加剧，尤其是从长期来看。具体而言，我们发现扩张性货币政策冲击大大增加了最富有和最贫穷家庭的净值，而中产阶级往往受益最少。我们工作的一个显著政策含义是，考虑到疫情后的形势，即将出台的货币政策应该旨在避免对财富不平等产生这些不必要的影响。

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Monetary policy and the redistribution of net worth in the U.S

ABSTRACT This paper aims to study the distributive effects of monetary policy on wealth inequality in the US. Combining macro and micro data, we find that wealth inequality increases after an expansionary monetary policy shock, especially in the long run. Specifically, we find that an expansionary monetary policy shock substantially increases the net worth of the richest and the poorest households, while the middle class tends to benefit the least. A remarkable policy implication of our work is that, considering the post-pandemic situation, forthcoming monetary policy should be designed to avoid these unwanted effects on wealth inequality.

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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.