The distributive effect of monetary policy: The top one percent makes the difference

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Show simple item record Davtyan, Karen 2022-01-26T19:17:29Z 2022-01-26T19:17:29Z 2017-09
dc.identifier.bibliographicCitation Davtyan, K. (2017). The distributive effect of monetary policy: The top one percent makes the difference. Economic Modelling, 65, pp. 106-118.
dc.identifier.issn 0264-9993
dc.description.abstract The paper evaluates the distributional effect of monetary policy. The empirical analysis is implemented for the USA, where the dynamics in income inequality is mainly driven by the variation in the top one percent of the income distribution. The paper uses the inequality measures that represent the whole income distribution. The distributive effect of monetary policy is evaluated in the cases of different frequency data. To identify a monetary policy shock, the paper applies the contemporaneous and the long run identification methods. In particular, a cointegration relation is determined among the considered variables and the vector error correction methodology is used for the identification. The obtained results indicate that contractionary monetary policy decreases income inequality. These results can have important implications for the design of policies to reduce income inequality by giving more weight to monetary policy.
dc.language.iso eng
dc.publisher Elsevier
dc.rights Atribución-NoComercial-SinDerivadas 3.0 España
dc.rights © Elsevier, 2017
dc.subject.other Income inequality
dc.subject.other Monetary policy
dc.subject.other Cointegration
dc.subject.other Identification
dc.title The distributive effect of monetary policy: The top one percent makes the difference
dc.type article
dc.subject.jel C32
dc.subject.jel D31
dc.subject.jel E52
dc.subject.eciencia Estadística
dc.rights.accessRights openAccess
dc.type.version acceptedVersion
dc.identifier.publicationfirstpage 106
dc.identifier.publicationlastpage 118
dc.identifier.publicationtitle Economic Modelling
dc.identifier.publicationvolume 65
dc.identifier.uxxi AR/0000026639
dc.affiliation.dpto UC3M. Departamento de Estadística
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