Monetary policy in the United States and its impact on the functional distribution of income: 1970-2015

Ivan Dario Velasquez

Chapter 4 in The Future of Central Banking, 2022, pp 84-105 from Edward Elgar Publishing

Abstract: This article will overview how monetary policy, defined within the Modern Money Theory (MMT) approach, has impacted the United States' functional income distribution in 1970-2015. Monetary policy is presented as the interaction between the monetary and fiscal authorities to achieve policy goals. The changes along the period of analysis have shaped the economic system and impacted the functional distribution of income via the capital market channel suggested by Hyman Minsky in 1968. Using a long-wage analysis founded in the works of the French régulation theory and Minsky's approach, it is possible to see three stages in the development of regulatory regimes in the economy. A suggested explanation of how monetary policy impacts the functional distribution of income through the capital market transmission channel is presented.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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