Purpose

This study examines the impact of monetary policy on income inequality in Eurozone countries for the period between 2005 and 2017.

Design/methodology/approach

The authors use regression analysis, panel vector autoregression (PVAR) analysis and impulse response functions, in order to examine the impact of monetary policy on income inequality in Eurozone countries.

Findings

This study examines the impact of monetary policy on income inequality in Eurozone countries for the period between 2005 and 2017. The results indicate that, on average, monetary policy tends to increase income inequality. A closer examination indicates that for Ireland, Germany and the Netherlands monetary policy has no impact on income inequality or a weak impact (France), while for Spain, Portugal, Greece and Italy the impact is more pronounced. PVAR analysis and impulse response functions further indicate that female income inequality responds more significantly to monetary policy.

Originality/value

In contrast to previous studies the authors estimate separate models for males, females and the total population to evaluate whether gender is an important factor. Furthermore, the authors use two proxies for monetary policy: the shadow rate (SR) and the total assets (TAs) of the central bank.

中文翻译：

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货币政策对收入不平等的影响：来自欧元区市场的证据

目的

本研究考察了 2005 年至 2017 年期间货币政策对欧元区国家收入不平等的影响。

设计/方法/方法

作者使用回归分析、面板向量自回归 (PVAR) 分析和脉冲响应函数来检验货币政策对欧元区国家收入不平等的影响。

发现

本研究考察了 2005 年至 2017 年期间货币政策对欧元区国家收入不平等的影响。结果表明，平均而言，货币政策往往会加剧收入不平等。进一步研究表明，爱尔兰、德国和荷兰的货币政策对收入不平等没有影响或影响较弱（法国），而西班牙、葡萄牙、希腊和意大利的影响更为明显。PVAR 分析和脉冲响应函数进一步表明，女性收入不平等对货币政策的反应更为显着。

原创性/价值

与之前的研究相比，作者估计了男性、女性和总人口的单独模型，以评估性别是否是一个重要因素。此外，作者使用货币政策的两个代理：中央银行的影子利率（SR）和总资产（TAs）。