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Shocking aspects of monetary policy on income inequality in the euro area

Jerome Creel () and Mehdi El Herradi

No 2019-15, Sciences Po publications from Sciences Po

Abstract: This paper examines the distributional effects of monetary policy, either standard, nonstandard or both, on income inequality in 10 EA countries over the period 2000-2015. We use three different indicators of income inequality in a Panel VAR setting in order to estimate IRFs of inequality to a monetary policy shock. Results suggest that: (i) the distributional effects of ECB’s monetary policy have been modest and (ii) mainly driven in times of conventional monetary policy measures, especially in peripheral countries, while, overall, (iii) standard and non-standard monetary policies do not significantly differ in terms of impact on income inequality.terms of impact on income inequality.

Keywords: Euro area; Monetary policy; Income distribution; Panel Var (search for similar items in EconPapers)
JEL-codes: E62 E64 D63 (search for similar items in EconPapers)
Date: 2019-09
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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