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Disinflations and income distribution

Laura Gómez-Acevedo () and Marc Hofstetter ()

Documentos CEDE from Universidad de los Andes - CEDE

Abstract: Most countries in the world have brought inflation down to very low rates. While there is broad consensus regarding the fact that polices aimed at bringing down inflation have adverse consequences on aggregate output and unemployment, at least in the short run, we know little about the distributional impact of disinflations. We find that along with disinflation, the income distribution tends to worsen: the Gini increases and the income share of those at the top of the income distribution significantly increases. We discuss the implications of these findings for monetary policy.

Keywords: Monetary Policy; Central Banks; Inflation; Disinflation; Income distribution (search for similar items in EconPapers)
JEL-codes: D31 E31 E32 E43 E52 E58 (search for similar items in EconPapers)
Pages: 32
Date: 2020-10-15
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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