Does wealth inequality affect the transmission of monetary policy?

Matusche, Alexander; Wacks, Johannes

Does wealth inequality affect the transmission of monetary policy?

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Datum

2023

Publikationstyp

Zeitschriftenartikel

Publikationsstatus

Published

Erschienen in

Journal of Macroeconomics. Elsevier. 2023, 75, 103474. ISSN 0164-0704. eISSN 1873-152X. Available under: doi: 10.1016/j.jmacro.2022.103474

Zusammenfassung

We provide evidence that higher wealth inequality between households is associated with stronger real effects of monetary policy. First, we use state-dependent local projections to show that the US and the UK exhibited stronger real effects of monetary policy in times of higher wealth inequality. Second, we measure wealth inequality within US states and document that economic activity responds more strongly to interest rate changes in states where wealth is distributed more unequally. Third, we show that ECB monetary policy has stronger real effects in Euro Area countries with higher wealth inequality.

Fachgebiet (DDC)

330 Wirtschaft

Zitieren

ISO 690

MATUSCHE, Alexander, Johannes WACKS, 2023. Does wealth inequality affect the transmission of monetary policy?. In: Journal of Macroeconomics. Elsevier. 2023, 75, 103474. ISSN 0164-0704. eISSN 1873-152X. Available under: doi: 10.1016/j.jmacro.2022.103474

BibTex

@article{Matusche2023wealt-66090,
  year={2023},
  doi={10.1016/j.jmacro.2022.103474},
  title={Does wealth inequality affect the transmission of monetary policy?},
  volume={75},
  issn={0164-0704},
  journal={Journal of Macroeconomics},
  author={Matusche, Alexander and Wacks, Johannes},
  note={Article Number: 103474}
}

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