Distributional Effects of Monetary Policy

Valentina Bonifacio (), Luis Brandao-Marques (), Nina Budina (), Balázs Csontó, Chiara Fratto, Philipp Engler (), Davide Furceri, Deniz Igan, Rui Mano, Machiko Narita, Murad Omoev (), Gurnain Pasricha and Hélène Poirson ()
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Valentina Bonifacio: IMF
Luis Brandao-Marques: IMF
Nina Budina: IMF
Philipp Engler: IMF
Murad Omoev: IMF
Hélène Poirson: IMF
Authors registered in the RePEc Author Service: Luis Brandao Marques

A chapter in Economic Challenges for Europe After the Pandemic, 2022, pp 187-232 from Springer

Abstract: Abstract As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.

Date: 2022
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DOI: 10.1007/978-3-031-10302-5_9

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