Five Facts about the Distributional Income Effects of Monetary Policy Shocks

被引：30

作者：

Amberg, N. I. K. L. A. S. ^{[1
]}

Jansson, T. H. O. M. A. S. ^{[1
]}

Klein, M. A. T. H. I. A. S. ^{[1
]}

Picco, Anna Rogantini ^{[1
]}

机构：

[1] Sveriges Riksbank, Res Div, Stockholm, Sweden

来源：

AMERICAN ECONOMIC REVIEW-INSIGHTS | 2022年 / 4卷 / 03期

关键词：

D O I：

10.1257/aeri.20210262

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：289 / 304

页数：16

共 31 条

[1] When Should You Adjust Standard Errors for Clustering?* [J].