Type
Working paper
Titre
Shocking aspects of monetary policy on income inequality in the euro area
Dans
OFCE Working paper
Auteur(s)
CREEL Jérôme - Observatoire français des conjonctures économiques (Auteur)
EL HERRADI Mehdi - Université Bordeaux Montaigne (Auteur)
Éditeur
Paris : OFCE
Collection
OFCE Working paper : 2019-15
Mots clés
Euro area, Monetary policy, Income distribution, Panel Var
Résumé
EN
This paper examines the distributional effects of monetary policy, either standard, nonstandard or both, on income inequality in 10 EA countries over the period 2000-2015. We use three different indicators of income inequality in a Panel VAR setting in order to estimate IRFs of inequality to a monetary policy shock. Results suggest that: (i) the distributional effects of ECB’s monetary policy have been modest and (ii) mainly driven in times of conventional monetary policy measures, especially in peripheral countries, while, overall, (iii) standard and non-standard monetary policies do not significantly differ in terms of impact on income inequality.terms of impact on income inequality.

CITATION BIBLIOGRAPHIQUE
EXPORT