Innocent Bystanders Monetary Policy And Inequality In The U S

Author : Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia
Publisher : International Monetary Fund
Page : 57 pages
File Size : 52,9 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505498

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Innocent Bystanders? Monetary Policy and Inequality in the U.S. by Mr.Olivier Coibion,Mr.Yuriy Gorodnichenko,Mr.Lorenz Kueng,Mr.John Silvia Pdf

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.

Author : Olivier Coibion
Publisher : Unknown
Page : 53 pages
File Size : 41,7 Mb
Release : 2012
Category : Economics
ISBN : OCLC:1063973178

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Innocent bystanders? : monetary policy and inequality in the U.S. by Olivier Coibion Pdf

We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy -- National Bureau of Economic Research web site.

Author : Olivier Coibion,Yuriy Gorodnichenko,Lorenz Küng,John E. Silvia
Publisher : Unknown
Page : 128 pages
File Size : 48,5 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1187180354

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Innocent Bystanders? by Olivier Coibion,Yuriy Gorodnichenko,Lorenz Küng,John E. Silvia Pdf

Author : Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka
Publisher : International Monetary Fund
Page : 43 pages
File Size : 46,9 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475568356

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The Effects of Monetary Policy Shocks on Inequality by Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka Pdf

This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.

Author : Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson
Publisher : International Monetary Fund
Page : 47 pages
File Size : 41,5 Mb
Release : 2021-07-30
Category : Business & Economics
ISBN : 9781513588858

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Distributional Effects of Monetary Policy by Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson Pdf

As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.

Author : Niels-Jakob Harbo Hansen,Alessandro Lin,Rui Mano
Publisher : Unknown
Page : 0 pages
File Size : 48,6 Mb
Release : 2023
Category : Electronic
ISBN : OCLC:1383768705

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Should Inequality Factor Into Central Banks' Decisions? by Niels-Jakob Harbo Hansen,Alessandro Lin,Rui Mano Pdf

Author : Otmar Issing
Publisher : Cambridge University Press
Page : 220 pages
File Size : 41,8 Mb
Release : 2001-07-26
Category : Business & Economics
ISBN : 0521788889

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Monetary Policy in the Euro Area by Otmar Issing Pdf

A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.

Author : Arthur M. Okun
Publisher : Brookings Institution Press
Page : 171 pages
File Size : 44,7 Mb
Release : 2015-04-30
Category : Business & Economics
ISBN : 9780815726548

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Equality and Efficiency REV by Arthur M. Okun Pdf

Originally published in 1975, Equality and Efficiency: The Big Tradeoff is a very personal work from one of the most important macroeconomists of the last hundred years. And this new edition includes "Further Thoughts on Equality and Efficiency," a paper published by the author two years later. In classrooms Arthur M. Okun may be best remembered for Okun's Law, but his lasting legacy is the respect and admiration he earned from economists, practitioners, and policymakers. Equality and Efficiency is the perfect embodiment of that legacy, valued both by professional economists and those readers with a keen interest in social policy. To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes. To all readers, Okun presents an engaging dual theme: the market needs a place, and the market needs to be kept in its place. As Okun puts it: Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially. This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Today, Okun's dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. In his foreword, Lawrence H. Summers declares: On what one might think of as questions of "economic philosophy," I doubt that Okun has been improved on in the subsequent interval. His discussion of how societies rely on rights as well as markets should be required reading for all young economists who are enamored with market solutions to all problems. With a new foreword by Lawrence H. Summers

Author : Martin Feldstein
Publisher : University of Chicago Press
Page : 500 pages
File Size : 44,9 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226241807

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International Capital Flows by Martin Feldstein Pdf

Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.

Author : Mr.Martin Cihak,Ms.Ratna Sahay
Publisher : International Monetary Fund
Page : 50 pages
File Size : 47,6 Mb
Release : 2020-01-17
Category : Business & Economics
ISBN : 9781513526546

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Finance and Inequality by Mr.Martin Cihak,Ms.Ratna Sahay Pdf

The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.

Author : John Braithwaite
Publisher : Routledge
Page : 349 pages
File Size : 46,5 Mb
Release : 2013-09-13
Category : Social Science
ISBN : 9781135094430

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Inequality, Crime and Public Policy (Routledge Revivals) by John Braithwaite Pdf

First published in 1979, Inequality, Crime, and Public Policy integrates and interprets the vast corpus of existing research on social class, slums, and crime, and presents its own findings on these matters. It explores two major questions. First, do policies designed to redistribute wealth and power within capitalist societies have effects upon crime? Second, do policies created to overcome the residential segregation of social classes have effects on crime? The book provides a brilliantly comprehensive and systematic review of the empirical evidence to support or refute the classic theories of Engles, Bonger, Merton, Cloward and Ohlin, Cohen, Miller, Shaw and McKay, amongst many others. Braithwaite confronts these theories with evidence of the extent and nature of white collar crime, and a consideration of the way law enhancement and law enforcement might serve class interest.

Author : Michael Javen Fortner
Publisher : Harvard University Press
Page : 365 pages
File Size : 50,5 Mb
Release : 2015-09-07
Category : History
ISBN : 9780674743991

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Black Silent Majority by Michael Javen Fortner Pdf

Aggressive policing and draconian sentencing have disproportionately imprisoned millions of African Americans for drug-related offenses. Michael Javen Fortner shows that in the 1970s these punitive policies toward addicts and pushers enjoyed the support of many working-class and middle-class blacks, angry about the chaos in their own neighborhoods.

Author : F. Stewart
Publisher : Springer
Page : 380 pages
File Size : 49,7 Mb
Release : 2016-01-22
Category : Social Science
ISBN : 9780230582729

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Horizontal Inequalities and Conflict by F. Stewart Pdf

Drawing on econometric evidence and in-depth studies of West Africa, Latin America and Southeast Asia, this book explores how horizontal inequalities - ethnic, religious or racial - are a source of violent conflict and how political, economic and cultural status inequalities have contributed. Policies to reverse inequality would reduce these risks.

Author : Robert H. Frank
Publisher : Princeton University Press
Page : 320 pages
File Size : 53,9 Mb
Release : 2021-10-19
Category : Business & Economics
ISBN : 9780691227108

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Under the Influence by Robert H. Frank Pdf

"From New York Times bestselling author and economics columnist Robert Frank, a revelatory look at the power and potential of social context. As psychologists have long understood, social environments profoundly shape our behavior, sometimes for the better, but often for the worse. Less widely noted is that social influence is a two-way street: Our environments are in large part themselves a product of the choices we make. Society embraces regulations that limit physical harm to others, as when smoking restrictions are defended as protecting bystanders from secondhand smoke. But we have been slower to endorse parallel steps that discourage harmful social environments, as when regulators fail to note that the far greater harm caused when someone becomes a smoker is to make others more likely to smoke. In Under the Influence, Robert Frank attributes this regulatory asymmetry to the laudable belief that individuals should accept responsibility for their own behavior. Yet that belief, he argues, is fully compatible with public policies that encourage supportive social environments. Most parents hope, for example, that their children won't grow up to become smokers, bullies, tax cheats, sexual predators, or problem drinkers. But each of these hopes is less likely to be realized whenever such behaviors become more common. Such injuries are hard to measure, Frank acknowledges, but that's no reason for policymakers to ignore them. The good news is that a variety of simple policy measures could foster more supportive social environments without ushering in the dreaded nanny state or demanding painful sacrifices from anyone"--

Author : Matthew Stewart
Publisher : Simon and Schuster
Page : 352 pages
File Size : 50,5 Mb
Release : 2022-10-11
Category : History
ISBN : 9781982114190

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The 9.9 Percent by Matthew Stewart Pdf

"A trenchant analysis of how the wealthiest 9.9 percent of Americans -- those just below the tip of the wealth pyramid -- have exacerbated the growing inequality in our country and distorted our social values"--