Shocking aspects of monetary policy on income inequality in the euro area
Résumé
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.
Domaines
Economies et finances
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