Unconventional monetary policy and inequality: is Japan unique?

References

• Adam, K., and P. Tzamourani. 2016. “Distributional Consequences of Asset Price Inflation in the Euro Area.” European Economic Review 89: 172–192. doi:10.1016/j.euroecorev.2016.07.005.
   Web of Science ®Google Scholar
• Ampudia, M., D. Georgarakos, J. Slacalek, O. Tristiani, P. Vermeulen, and G. L. Violante. 2018. “Monetary Policy and Household Inequality.” ECB Working Paper Series no 2170.
   Google Scholar
• Bernanke, B. 2015. “Monetary Policy and Inequality.” Brookings Institution. https://www.brookings.edu/blog/ben-bernanke/2015/06/01/monetary-policy-and-inequality/
   Google Scholar
• Bernanke, B., and I. Mihov. 1998. “Measuring Monetary Policy.” The Quarterly Journal of Economics 113 (3): 869–902. doi:10.1162/003355398555775.
   Web of Science ®Google Scholar
• Bivens, J. 2015. “Gauging the Impact of the Fed on Inequality during the Great Recession.” Working Paper no. 12. Brookings: Hutchins Center on Fiscal and Monetary Policy.
   Google Scholar
• Bunn, P., A. Pugh, and C. Yeates. 2018. “The Distributional Impact of Monetary Policy Easing in the UK between 2008 and 2014.” Bank of England Staff Working Paper No. 720.
   Google Scholar
• Carney, M. December 5, 2016. “The Spectre of Monetarism.” Roscoe Lecture. Liverpool John Moores University.
   Google Scholar
• Casiraghi, M., E. Gaiotti, L. Rodano, and A. Secchi. 2018. “A ’Reverse Robin Hood’? The Distributional Implications of Non-standard Monetary Policy for Italian Households.” Journal of International Money and Finance 85: 215–235. doi:10.1016/j.jimonfin.2017.11.006.
   Web of Science ®Google Scholar
• Christensen, J., and G. Rudebusch. 2015. “Estimating Shadow-rate Term Structure Models with Near-zero Yields.” Journal of Financial Econometrics 13 (2): 226–259. doi:10.1093/jjfinec/nbu010.
   Web of Science ®Google Scholar
• Coibion, O., Y. Gorodnichenko, L. Kueng, and J. Silvia. 2017. “Innocent Bystanders? Monetary Policy and Inequality in the U.S.” Journal of Monetary Economics 88: 70–89. doi:10.1016/j.jmoneco.2017.05.005.
   Web of Science ®Google Scholar
• Colciago, A., A. Samarina, and J. de Haan. 2019. “Central Bank Policies and Income and Wealth Inequality: A Survey.” Journal of Economic Surveys, 33(4),1199–1231. forthcoming. doi:10.1111/joes.v33.4.
   Web of Science ®Google Scholar
• Cui, W., and V. Sterk. 2018. “Quantitative Easing.” CEPR Discussion Papers, 13222.
   Google Scholar
• Davtyan, K. 2017. “The Distributive Effect of Monetary Policy: The Top One Percent Makes the Difference.” Economic Modelling 65: 106–118.
   Web of Science ®Google Scholar
• De Haan, J., J. W. van den End, J. Frost, and C. Pattipeilohy. 2013. “Unconventional Monetary Policy of the ECB during the Financial Crisis: An Assessment and New Evidence.” In 50 Years of Money and Finance: Lessons and Challenges, edited by M. Balling and E. Gnan, 117–156. Vienna and Brussels: Larcier.
   Google Scholar
• Doepke, M., V. Selezneva, and M. Schneider. 2015. “Distributional Effects of Monetary Policy.” 2015 Meeting Papers 1099, Society for Economic Dynamics, Warsaw.
   Google Scholar
• Domanski, D., M. Scatigna, and A. Zabai. 2016. “Wealth Inequality and Monetary Policy.” BIS Quarterly Review. March, 45–64.
   Google Scholar
• Doniger, C. 2019. “Do Greasy Wheels Curb Inequality?” Finance and Economics Discussion Series 2019-021. Board of Governors of the Federal Reserve System.
   Google Scholar
• El Herradi, M., and A. Leroy. 2019. “Monetary Policy and the Top One Percent: Evidence from a Century of Modern Economic History.” DNB Working Paper no. 632.
   Google Scholar
• Feldkircher, M., and K. Kakamu. 2018. “How Does Monetary Policy Affect Income Inequality in Japan? Evidence from Grouped Data.” Working Papers in Regional Science 6215, WU Vienna University of Economics and Business.
   Google Scholar
• Frost, J., and R. van Stralen. 2018. “Macroprudential Policy and Income Inequality.” Journal of International Money and Finance 85: 278–290. doi:10.1016/j.jimonfin.2017.11.010.
   Web of Science ®Google Scholar
• Furceri, D., P. Loungani, and A. Zdzienicka. (2018). “The Effects of Monetary Policy Shocks on Inequality.” Journal of International Money and Finance 85(C): 168–186.
   Google Scholar
• Guerello, C. 2018. “Conventional and Unconventional Monetary Policy Vs. Households Income Distribution: An Empirical Analysis for the Euro Area.” Journal of International Money and Finance 85: 187–214. doi:10.1016/j.jimonfin.2017.11.005.
   Web of Science ®Google Scholar
• Imam, P. A. 2015. “Shock from Graying; Is the Demographic Shift Weakening Monetary Policy Effectiveness.” International Journal of Finance and Economics 20 (2): 138–154. doi:10.1002/ijfe.v20.2.
   Web of Science ®Google Scholar
• Inui, M., N. Sudo, and T. Yamada. 2017. “Effects of Monetary Policy Shocks on Inequality in Japan.” Working Paper Series 17-E-3. Bank of Japan.
   Google Scholar
• Kim, S., and N. Roubini. 2000. “Exchange Rate Anomalies in the Industrial Countries: A Solution with a Structural VAR Approach.” Journal of Monetary Economics 45: 561–586. doi:10.1016/S0304-3932(00)00010-6.
   Web of Science ®Google Scholar
• Lenza, M., and J. Slacalek. 2019. “Quantitative Easing Did Not Increase Inequality in the Euro Area.” ECB Research Bulletin no. 54.
   Google Scholar
• Montecino, J. A., and G. Epstein. 2015. “Did Quantitative Easing Increase Income Inequality?” Working Paper No. 28. Institute for New Economic Thinking.
   Google Scholar
• Mumtaz, H., and A. Theophilopoulou. 2017. “The Impact of Monetary Policy on Inequality in the UK: An Empirical Analysis.” European Economic Review 98: 410–423. doi:10.1016/j.euroecorev.2017.07.008.
   Web of Science ®Google Scholar
• Ostry, J. D., A. Berg, and C. G. Tsangarides. 2014. “Redistribution, Inequality, and Growth.” Staff Discussion Note, 14/02. International Monetary Fund.
   Google Scholar
• Perugini, C., J. Hölscher, and S. Collie. 2016. “Inequality, Credit and Financial Crises.” Cambridge Journal of Economics 40 (1): 227–257. doi:10.1093/cje/beu075.
   Web of Science ®Google Scholar
• Pesaran, M. H., and Y. Shin. 1998. “Generalized Impulse Response Analysis in Linear Multivariate Models.” Economics Letters 58 (1): 17–29. doi:10.1016/S0165-1765(97)00214-0.
   Web of Science ®Google Scholar
• Rajan, R. 2010. Fault Lines: How Hidden Fractures Still Threatens the World Economy. Princeton, NJ: Princeton University Press.
   Google Scholar
• Romer, C., and D. Romer. 1999. “Monetary Policy and the Well-being of the Poor.” Economic Review, 84(Q1): 21–49.
   Google Scholar
• Rupprecht, M. 2018. “Income and Wealth of Euro Area Households in Times of Ultra-loose Monetary Policy: Stylised Facts from New National and Financial Accounts Data.” Empirica. doi:10.1007/s10663-018-9416-8.
   Web of Science ®Google Scholar
• Sagiri, K., and T. Yamada. 2019. Dimensions of Inequality in Japan: Distributions of earnings, Income and Wealth between 1984 and 2014, CAMA Working Papers 2019–36, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy
   Google Scholar
• Saiki, A., and J. Frost. 2014. “Does Unconventional Monetary Policy Affect Inequality? Evidence from Japan.” Applied Economics 46 (36): 4445–4454. doi:10.1080/00036846.2014.962229.
   Web of Science ®Google Scholar
• Stiglitz, J. E. June 5, 2012. “The Price of Inequality.” Project Syndicate.
   Google Scholar
• Tobin, J. 1967. Ten Economic Studies in the Tradition of Irving Fisher, Chapter Lifecycle Saving and Balanced Growth, 231–256. New York: John Wiley.
   Google Scholar
• Tomita, M. 2019. Subzero Interest Rate Trend Sends Shivers through Asia, Nikkei Review, September.
   Google Scholar
• Yoshino, N., F. Taghizadeh-Hesary, and S. Shimizu. 2018. “Impact of Quantitative Easing and Tax Policy on Income Inequality: Evidence from Japan.” ADBI Working Papers, No. 891.
   Google Scholar