What is the Impact of Monetary Policy on Wealth Inequality?

Sutirtha Bagchi, Michael Curran (michael.curran@villanova.edu) and Matthew Fagerstrom (mfagerst@villanova.edu)
Additional contact information
Matthew Fagerstrom: Department of Economics, Villanova School of Business, Villanova University, https://www.linkedin.com/in/matthew-fagerstrom-733114121

No 39, Villanova School of Business Department of Economics and Statistics Working Paper Series from Villanova School of Business Department of Economics and Statistics

Abstract: We construct a global panel data set to examine the relationship between monetary policy and wealth inequality. Dynamic panel estimates suggest that both overall and inherited wealth inequality increase with growth in the base money supply. These results hold for countries with at least one billionaire and for OECD countries. Interest rates have an insigni cant distributional impact overall, but this relationship becomes signi cant in a sample of OECD countries.

Keywords: Cantillon effect; wealth inequality; money nonneutrality (search for similar items in EconPapers)
JEL-codes: F30 F31 F41 G15 (search for similar items in EconPapers)
Date: 2019-01
New Economics Papers: this item is included in nep-cba, nep-mon and nep-opm
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http://repec.library.villanova.edu/workingpapers/VSBEcon39.pdf (application/pdf)

Related works:
Journal Article: Monetary growth and wealth inequality (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:vil:papers:39

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