Five facts about the distributional income effects of monetary policy shocks / by Niklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco
Resumen.
Bibliografía.
We document five facts about the distributional income effects of monetary policy shocks using Swedish administrative individual-level data. (i) The effects of monetary policy shocks are U shaped over the income distribution—that is, expansionary shocks increase the incomes of high- and low-income individuals relative to middle-income individuals. (ii) The large effects in the bottom are accounted for by the labor-income response and (iii) those in the top by the capital-income response. (iv) The heterogeneity in the labor-income response is due to the earnings heterogeneity channel, whereas (v) that in the capital-income response is due to the income composition channel.
POLITICA MONETARIA
RENTA
DISTRIBUCION
DESIGUALDAD
SUECIA
MODELOS ECONOMETRICOS
Amberg, Niklas
The American Economic Review 2640-205X v. 4, n. 3, September 2022, p. 289-304