Monetary Policy and Inequality

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Standard

Monetary Policy and Inequality. / Andersen, Asger Lau; Johannesen, Niels; Jørgensen, Mia Renee Herløv; Peydró, José-Luis.

I: The Journal of Finance, Bind 78, Nr. 5, 2023, s. 2945-2989.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Andersen, AL, Johannesen, N, Jørgensen, MRH & Peydró, J-L 2023, 'Monetary Policy and Inequality', The Journal of Finance, bind 78, nr. 5, s. 2945-2989. https://doi.org/10.1111/jofi.13262

APA

Andersen, A. L., Johannesen, N., Jørgensen, M. R. H., & Peydró, J-L. (2023). Monetary Policy and Inequality. The Journal of Finance, 78(5), 2945-2989. https://doi.org/10.1111/jofi.13262

Vancouver

Andersen AL, Johannesen N, Jørgensen MRH, Peydró J-L. Monetary Policy and Inequality. The Journal of Finance. 2023;78(5):2945-2989. https://doi.org/10.1111/jofi.13262

Author

Andersen, Asger Lau ; Johannesen, Niels ; Jørgensen, Mia Renee Herløv ; Peydró, José-Luis. / Monetary Policy and Inequality. I: The Journal of Finance. 2023 ; Bind 78, Nr. 5. s. 2945-2989.

Bibtex

@article{ed1ffda87f294c2eb81c3db405164711,
title = "Monetary Policy and Inequality",
abstract = "We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We consistently find that gains from softer monetary policy in terms of income, wealth and consumption are monotonically increasing in the ex-ante income level. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially non-labor channels (e.g. leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality.",
author = "Andersen, {Asger Lau} and Niels Johannesen and J{\o}rgensen, {Mia Renee Herl{\o}v} and Jos{\'e}-Luis Peydr{\'o}",
year = "2023",
doi = "10.1111/jofi.13262",
language = "English",
volume = "78",
pages = "2945--2989",
journal = "The Journal of Finance",
issn = "0022-1082",
publisher = "Wiley",
number = "5",

}

RIS

TY - JOUR

T1 - Monetary Policy and Inequality

AU - Andersen, Asger Lau

AU - Johannesen, Niels

AU - Jørgensen, Mia Renee Herløv

AU - Peydró, José-Luis

PY - 2023

Y1 - 2023

N2 - We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We consistently find that gains from softer monetary policy in terms of income, wealth and consumption are monotonically increasing in the ex-ante income level. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially non-labor channels (e.g. leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality.

AB - We analyze the distributional effects of monetary policy on income, wealth and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987-2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We consistently find that gains from softer monetary policy in terms of income, wealth and consumption are monotonically increasing in the ex-ante income level. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially non-labor channels (e.g. leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality.

U2 - 10.1111/jofi.13262

DO - 10.1111/jofi.13262

M3 - Journal article

VL - 78

SP - 2945

EP - 2989

JO - The Journal of Finance

JF - The Journal of Finance

SN - 0022-1082

IS - 5

ER -

ID: 324233878