 Monetary policy and economic inequality: a literature reviewMikołaj Raczyński ()
Bank i Kredyt, 2022, vol. 53, issue 2, 231-278 Abstract: Recently, economic inequalities in many countries have markedly increased. We reviewed more than 40 recent research papers related to the impact of monetary policy on economic inequalities and analysed income and wealth inequalities along with conventional and unconventional monetary policies. The results of the literature review indicate that: (1) the employment response to a policy shift serves as the crucial aspect in determining distributional effects, (2) housing wealth acts as a mitigating factor when accounted for as net wealth, (3) the stock market exposure of households significantly affects the impact of monetary policy on inequality, (4) the impact on inequality of corporate bonds or equities purchases remains unexplored, (5) most of the studies based on survey data indicate lower inequality from policy easing, whereas most of the studies based on tax data or national accounts point in the opposite direction, and (6) estimated changes in inequality measures appear relatively modest. Keywords: income inequality; wealth inequality; monetary policy; quantitative easing (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpbik:v:53:y:2022:i:2:p:231-278 Access Statistics for this article More articles in Bank i Kredyt from Narodowy Bank Polski Contact information at EDIRC. |
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