ABSTRACT

This paper aims to study the distributive effects of monetary policy on wealth inequality in the US. Combining macro and micro data, we find that wealth inequality increases after an expansionary monetary policy shock, especially in the long run. Specifically, we find that an expansionary monetary policy shock substantially increases the net worth of the richest and the poorest households, while the middle class tends to benefit the least. A remarkable policy implication of our work is that, considering the post-pandemic situation, forthcoming monetary policy should be designed to avoid these unwanted effects on wealth inequality.

中文翻译：

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美国的货币政策和净资产再分配

摘要

本文旨在研究货币政策对美国财富不平等的分配效应。结合宏观和微观数据，我们发现在扩张性货币政策冲击后，财富不平等加剧，尤其是从长期来看。具体而言，我们发现扩张性货币政策冲击会大幅增加最富有和最贫穷家庭的净资产，而中产阶级往往受益最少。我们工作的一个显着政策含义是，考虑到大流行后的情况，即将出台的货币政策应该旨在避免这些对财富不平等的不良影响。