经济
货币政策
杠杆(统计)
货币经济学
货币
消费(社会学)
不平等
利用
计算机安全
数学分析
社会科学
数学
机器学习
社会学
计算机科学
作者
Asger Lau Andersen,Niels Johannesen,Mia Jørgensen,José‐Luis Peydró
摘要
ABSTRACT We analyze the distributional effects of monetary policy on income, wealth, and consumption. We use administrative household‐level data covering the entire population in Denmark over the period 1987 to 2014 and exploit a long‐standing currency peg as a source of exogenous variation in monetary policy. We find that gains from softer monetary policy in terms of income, wealth, and consumption are monotonically increasing in ex ante income. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially nonlabor channels (e.g., leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality.
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