Should the monetary authorities be sensitive to inequality concerns? Empirical evidence for a panel of 62 countries
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Should the monetary authorities be sensitive to inequality concerns? Empirical evidence for a panel of 62 countriesFecha
2023Cita bibliográfica
Martín-Legendre, J.I., Castellanos-García, P. and Sánchez-Santos, J.M. (2023). Should the monetary authorities be sensitive to inequality concerns? Empirical evidence for a panel of 62 countries. Journal of Economic Studies, 50(7), 1428-1449. https://doi.org/10.1108/JES-05-2022-0262
Resumen
[Abstract]: This paper studies, by means of an empirical approach, how monetary policy
might affect the distribution of individual income. After describing the channels through
which monetary policy could impinge on income distribution, we carry out a panel
analysis of 62 countries that control their monetary policy for the period 1996-2015.
Using two possible proxy variables for monetary policy (the monetary aggregate M3
and the real interest rates), the results reveal a significant positive relationship between
real interest rates and income inequality measured through the market Gini coefficient
and polarization ratios. Our findings suggest that central bankers should be more aware
of the redistributive effects of monetary policy.
Palabras clave
Monetary aggregate m3
Panel data analysis
Gini coefficient
Income inequality
Monetary policy
Real interest rates
Panel data analysis
Gini coefficient
Income inequality
Monetary policy
Real interest rates
Versión del editor
Derechos
Atribución-NoComercial 4.0
ISSN
0144-3585