Does wealth inequality affect the transmission of monetary policy?

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2023
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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.

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ISO 690MATUSCHE, 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
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@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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