The impact of (un)conventional expansionary monetary policy on income inequality - Lessons from Japan

Karl-Friedrich Israel and Sophia Latsos

No 163, Working Papers from University of Leipzig, Faculty of Economics and Management Science

Abstract: This paper analyzes the impact of conventional and unconventional monetary policy on income inequality in Japan, using hitherto unexplored data from the Japan Household Panel Survey. Empirical evidence shows that expansionary monetary policy in Japan has contributed to diminishing the gender pay gap, but also to increasing the education pay gap. These effects may have materialized via the aggregate demand channel and the labor productivity channel. In contrast, expansionary monetary policy has had no significant impact on the development of the age pay gap.

Keywords: income inequality; Japan; monetary policy; low interest rate policy; unconventional monetary policy; monetary easing (search for similar items in EconPapers)
JEL-codes: D31 D63 E52 E58 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Related works:
Journal Article: The impact of (un)conventional expansionary monetary policy on income inequality – lessons from Japan (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:leiwps:163

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