Five facts about the distributional income effects of monetary policy shocks by Niklas Amberg, Thomas Jansson, Mathias Klein and Anna Rogantini Picco
Contributor(s): Amberg, Niklas
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Material type: 
ArticleSubject(s): POLITICA MONETARIA | RENTA | DISTRIBUCION | DESIGUALDAD | SUECIA | MODELOS ECONOMETRICOS
In:
The American Economic Review v. 4, n. 3, September 2022, p. 289-304Summary: 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.
| Item type | Current location | Home library | Call number | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
| Artículos | IEF | IEF | OP 2145/2022/3-1 (Browse shelf) | Available | OP 2145/2022/3-1 |
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.
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