Distributional Effects Of Monetary Policy
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Distributional Effects Of Monetary Policy
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Author : Valentina Bonifacio
language : en
Publisher: International Monetary Fund
Release Date : 2021-07-30
Distributional Effects Of Monetary Policy written by Valentina Bonifacio and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-30 with Business & Economics categories.
As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.
Monetary Policy Inflation And Distributional Impact South Africa S Case
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Author : Mr. Ken Miyajima
language : en
Publisher: International Monetary Fund
Release Date : 2021-03-19
Monetary Policy Inflation And Distributional Impact South Africa S Case written by Mr. Ken Miyajima and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-19 with Business & Economics categories.
The South African Reserve Bank has continued to fulfill its constitutional mandate to protect the value of the local currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining low and stable inflation could at the same time reduce consumption inequality over a 12–18 month horizon, commonly understood as the transmission lag of monetary policy action to the real economy, and similar to the distance between survey waves used in the analysis. In response to “exogenous” monetary policy tightening, the real consumption of individuals at lower ends of the consumption distribution declines relatively modestly, or even increases. With greater reliance on government transfers, thus smaller reliance on labor income, and relatively larger food consumption, these individuals appear to benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption distribution is more likely to decline due to lower labor income, weaker asset price performance, and higher debt service cost.
The Distributional Consequences Of Monetary Policy
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Author : Ilker Domaç
language : en
Publisher: World Bank Publications
Release Date : 1999
The Distributional Consequences Of Monetary Policy written by Ilker Domaç and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Credit categories.
Policymakers in Malaysia should weigh the distributional consequences of policy actions. They should also consider measures to alleviate the disproportionate impact that market imperfections have on small and medium-size industries.
The Distributional Effects Of Fiscal Consolidation
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Author : Laurence M. Ball
language : en
Publisher: International Monetary Fund
Release Date : 2013-06-21
The Distributional Effects Of Fiscal Consolidation written by Laurence M. Ball and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-21 with Business & Economics categories.
This paper examines the distributional effects of fiscal consolidation. Using episodes of fiscal consolidation for a sample of 17 OECD countries over the period 1978–2009, we find that fiscal consolidation has typically had significant distributional effects by raising inequality, decreasing wage income shares and increasing long-term unemployment. The evidence also suggests that spending-based adjustments have had, on average, larger distributional effects than tax-based adjustments.
The Distributional Effects Of Government Spending Shocks In Developing Economies
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Author : Davide Furceri
language : en
Publisher: International Monetary Fund
Release Date : 2018-03-14
The Distributional Effects Of Government Spending Shocks In Developing Economies written by Davide Furceri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-03-14 with Business & Economics categories.
We construct unanticipated government spending shocks for 103 developing countries from 1990 to 2015 and study their effects on income distribution. We find that unanticipated fiscal consolidations lead to a long-lasting increase in income inequality, while fiscal expansions lower inequality. The results are robust to several measures of income distribution and size of the fiscal shocks, to an alternative identification strategy, across expansions and recessions and across country groups (low-income countries versus emerging markets). An additional contribution of the paper is the computation of the medium-term inequality multiplier. This is on average about 1 in our sample, meaning that a cumulative decrease in government spending of 1 percent of GDP over 5 years is associated with a cumulative increase in the Gini coefficient over the same period of about 1 percentage point. The multiplier is larger for total government expenditure than for public investment and consumption (with the former having larger effect), likely due to the redistributive role of transfers. Finally, we find that (unanticipated) fiscal consolidations lead to an increase in poverty.
The Distributional Effects Of Public Expenditure
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Author : Mr.Gerd Schwartz
language : en
Publisher: International Monetary Fund
Release Date : 1995-08-01
The Distributional Effects Of Public Expenditure written by Mr.Gerd Schwartz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-08-01 with Business & Economics categories.
It is commonly agreed that economic policies, including budgetary policies, can have potentially strong distributional effects. Traditional economic analysis held that economic policies affected the income distribution primarily through their impact on the rate of growth. More recently, it has come to be recognized that qualitative aspects of economic growth are probably more important than the rate of growth itself. While recent research has confirmed the potential role of expenditure policies as a redistributive tool, it has also shown that redistribution does not necessarily have to come at the expense of economic growth and efficiency. Although there are substantial analytical and technical problems to be faced in the design of equitable and cost-effective public expenditure programs, unfavorable distributional outcomes of these programs can usually be traced more to political and institutional pressures than to purely technical factors.
The Distributional Effects Of Conventional Monetary Policy And Quantitative Easing
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Author : Stefan Hohberger
language : en
Publisher:
Release Date : 2018
The Distributional Effects Of Conventional Monetary Policy And Quantitative Easing written by Stefan Hohberger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with Econometric models categories.
This paper compares the distributional effects of conventional monetary policy and quantitative easing (QE) within an estimated open-economy DSGE model of the euro area. The model includes two groups of households: (i) wealthier households, who own financial assets and are able to smooth consumption over time, and (ii) poorer households, who only receive labor and transfer income and live ‘hand to mouth’. We use the model to compare the impact of policy shocks on constructed measures of income and wealth inequality (net disposable income, net asset position, and relative per-capita income). Except for the short term, expansionary conventional policy and QE shocks tend to mitigate income and wealth inequality between the two population groups. In light of the coarse dichotomy of households that abstracts from richer income and wealth dynamics at the individual level, the analysis emphasizes the functional distribution of income.
The Effects Of Monetary Policy Shocks On Inequality
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Author : Davide Furceri
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-18
The Effects Of Monetary Policy Shocks On Inequality written by Davide Furceri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-18 with Business & Economics categories.
This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.
Further Evidence On The Distributional Effects Of Disinflationary Monetary Policy
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Author : Willem Thorbecke
language : en
Publisher:
Release Date : 1999
Further Evidence On The Distributional Effects Of Disinflationary Monetary Policy written by Willem Thorbecke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with United States categories.
The Macroeconomic And Distributional Effects Of Public Investment In Developing Economies
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Author : Davide Furceri
language : en
Publisher: International Monetary Fund
Release Date : 2017-10-20
The Macroeconomic And Distributional Effects Of Public Investment In Developing Economies written by Davide Furceri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-20 with Business & Economics categories.
This paper provides new empirical evidence of the macroeconomic effects of public investment in developing economies. Using public investment forecast errors to identify unanticipated changes in public investment, the paper finds that increased public investment raises output in the short and medium term, with an average short-term fiscal multiplier of about 0.2. We find some evidence that the effects are larger: (i) during periods of slack; (ii) in economies operating with fixed exchange rate regimes; (iii) in more closed economies; (iv) in countries with lower public debt; and (v) in countries with higher investment efficiency. Finally, we show that increases in public investment tend to lower income inequality.