701
Views
5
CrossRef citations to date
0
Altmetric
SYMPOSIUM ON MONETARY POLICY

Monetary policy and the redistribution of net worth in the U.S

ORCID Icon & ORCID Icon
Pages 420-434 | Received 18 Apr 2019, Accepted 23 Feb 2021, Published online: 09 Apr 2021

References

  • Adam, K., and J. Zhu. 2015. “Price-level Changes and the Redistribution of Nominal Wealth across the Euro Area.” Journal of the European Economic Association 14 (4): 871–906. doi:10.1111/jeea.12155.
  • 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.
  • Albert, J.-F., A. Peñalver, and A. Perez-Bernabeu. 2020. “The Effects of Monetary Policy on Income and Wealth Inequality in the US Exploring Different Channels.” Structural Change and Economic Dynamics 55: 88–106. doi:10.1016/j.strueco.2020.07.002.
  • Albert, J.-F., N. Gómez-Fernández, and C. Ochando. 2019. “Effects of Unconventional Monetary Policy on Income and Wealth Distribution: Evidence from United States and Eurozone.” Panoeconomicus 66 (5): 535–558. doi:10.2298/PAN161208007M.
  • Ameriks, J., and S. P. Zeldes. 2004. How do household portfolio shares vary with age. Technical Report.
  • Auclert, A. 2019. “Monetary Policy and the Redistribution Channel.” American Economic Review 109 (6): 2333–2367. doi:10.1257/aer.20160137.
  • Bernanke, B. S., J. Boivin, and P. Eliasz. 2005. “Measuring the Effects of Monetary Policy: A Factor-augmented Vector Autoregressive (FAVAR) Approach.” The Quarterly Journal of Economics 120 (1): 387–422.
  • Bernanke, B. S., and M. Gertler. 1995. “Inside the Black Box: The Credit Channel of Monetary Policy Transmission.” Journal of Economic Perspectives 9 (4): 27–48. doi:10.1257/jep.9.4.27.
  • Bozio, A., C. Emmerson, O. Cormac, and G. Tetlow. 2017. “Do the Rich Save More? Evidence from Linked Survey and Administrative Data.” Oxford Economic Papers 69 (4): 1101–1119.
  • Carpenter, S. B., and W. M. Rodgers. 2004. “The Disparate Labor Market Impacts of Monetary Policy.” Journal of Policy Analysis and Management 23 (4): 813–830. doi:10.1002/pam.20048.
  • Cheng, J., D. Skidmore, and D. Wessel. 2021. “What’s the Fed Doing in Response to the COVID-19 Crisis? What More Could It Do.” Brookings Institution. Accessed 15 March 2021 https://www.brookings.edu/research/fed-response-to-COVID19/
  • Coibion, O., Y. Gorodnichenko, L. Kueng, and J. Silvia. 2017. “Innocent Bystanders? Monetary Policy and Inequality.” Journal of Monetary Economics 88: 70–89. doi:10.1016/j.jmoneco.2017.05.005.
  • Colciago, A., A. Samarina, and D. H. Jakob. 2019. “Central Bank Policies and Income and Wealth Inequality: A Survey.” Journal of Economic Surveys 33 (4): 1199–1231. doi:10.1111/joes.12314.
  • Curdia, V. 2020. “Mitigating COVID-19 Effects with Conventional Monetary Policy.” FRBSF Economic Letter 2020 (9): 1–05.
  • Dahan, M. 1998. “The Fiscal Effects of Monetary Policy.” International Monetary Fund 98 (66): 1–19.
  • Davies, J. B., and A. F. Shorrocks. 2000. “The Distribution of Wealth.” Handbook of Income Distribution 1: 605–675.
  • Doepke, M., and M. Schneider. 2006. “Inflation and the Redistribution of Nominal Wealth.” Journal of Political Economy 114 (6): 1069–1097.
  • Domanski, D., M. Scatigna, and A. Zabai. 2016. “Wealth Inequality. and monetary policy.” BIS Quarterly Review, March 2016, Bank for International Settlements, Basel.
  • Dynan, K. E., J. Skinner, and S. P. Zeldes. 2004. “Do the Rich Save More?” Journal of Political Economy 112 (2): 397–444.
  • Fagereng, A., M. B. Holm, B. Moll, and G. Natvik. 2019. “Saving Behavior across the Wealth Distribution: The Importance of Capital Gains.” NBER Working Papers 26588, National Bureau of Economic Research, Inc.
  • Fisher, I. 1933. “The Debt-deflation Theory of Great Depressions.” Econometrica: Journal of the Econometric Society 1 (4): 337–357.
  • Gertler, M., and P. Karadi. 2015. “Monetary Policy Surprises, Credit Costs, and Economic Activity.” American Economic Journal: Macroeconomics 7 (1): 44–76.
  • Giannone, D., M. Lenza, and G. E. Primiceri. 2015. “Prior Selection for Vector Autoregressions.” Review of Economics and Statistics 97 (2): 436–451.
  • Gilchrist, S., and Z. Egon. 2012. “Credit Spreads and Business Cycle Fluctuations.” American Economic Review 102 (4): 1692–1720.
  • Goncalves, S., and L. Kilian. 2004. “Bootstrapping Autoregressions with Conditional Heteroskedasticity of Unknown Form.” Journal of Econometrics 123 (1): 89–120.
  • Gürkaynak, R. S., B. Sack, and E. T. Swansonc. 2005. “Do Actions Speak Louder than Words? The Response of Asset Prices to Monetary Policy Actions and Statements.” International Journal of Central Banking1 (1): 55–93.
  • Heathcote, J., F. Perri, and G. L. Violante. 2010. “Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967–2006.” Review of Economic Dynamics 13 (1): 15–51.
  • Jarocinski, M., and P. Karadi. 2018. “Deconstructing Monetary Policy Surprises: The Role of Information Shocks.”.
  • Kennickell, A. B. 2005. “The Good Shepherd: Sample Design and Control for Wealth Measurement in the Survey of Consumer Finances.” Presented at the Luxembourg Wealth Study,  Perugia, Italy.
  • Kuttner, K. N. 2014. “Low Interest Rates and Housing Bubbles: Still No Smoking Gun.” In The Role of Central Banks in Financial Stability:How Has It Changed, 30, 159–185.
  • Lenza, M., and J. Slacalek. 2018. How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from the Euro Area.
  • Meade, J. 1964. “Equality, Efficiency, and the Ownership of Property.”
  • Mertens, K., and M. O. Ravn. 2013. “The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States.” American Economic Review 103 (4): 1212–1247.
  • Miranda-Agrippino, S., and G. Ricco. 2018. “The Transmission of Monetary Policy Shocks.” CEPR Discussion Paper No. DP13396.
  • 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.
  • Paul, P. 2020. “The Time-varying Effect of Monetary Policy on Asset Prices.Review of Economics and Statistics, 102 (4): 690–704.
  • Peersman, G., and F. Smets. 2001. “The Monetary Transmission Mechanism in the Euro Area: More Evidence from Var Analysis (Mtn Conference Paper).”
  • Ramey, V. A. 2016. “Macroeconomic Shocks and Their Propagation.” In Handbook of Macroeconomics, edited by John B. Taylor and Harald Uhlig. Vol. 2, 71–162. Amsterdam: Elsevier.
  • Rogers, J. H., C. Scotti, and J. H. Wright. 2014. “Evaluating Asset-market Effects of Unconventional Monetary Policy: A Multi-country Review.” Economic Policy 29 (80): 749–799.
  • Rosa, C. 2012. “How’unconventional’are Large-scale Asset Purchases? The Impact of Monetary Policy on Asset Prices.” FRB of New York Staff Report 560.
  • Saiki, A., and J. Frost. 2014. “Does Unconventional Monetary Policy Affect Inequality? Evidence from Japan.” Applied Economics 46 (36): 4445–4454.
  • Sterk, V., and S. Tenreyro. 2018. “The Transmission of Monetary Policy through Redistributions and Durable Purchases.” Journal of Monetary Economics, 99, 124–137.
  • Stock, J. H., and M. W. Watson. 2012. “Disentangling the Channels of the 2007-2009 Recession.” Technical Report. National Bureau of Economic Research.
  • Tobin, J. 1982. Asset Accumulation and Economic Activity: Reflections on Contemporary Macroeconomic Theory. Chicago, Illinois, USA: University of Chicago Press.
  • Wolff, E. N. 2016. Deconstructing Household Wealth Trends in the United States, 1983-2013. NBER Working Papers 22704, National Bureau of Economic Research, Inc.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.