This paper explores the distributional effects of monetary policy in the context of a small open economy. Emerging markets are structurally different from developed economies. They are generally associated with greater financial frictions, underdeveloped financial markets, as well as both a high average level of dollarized assets and unequal access to them, among others. Thus, distributional effects of monetary policy in emerging economies require additional specifications. In particular, I show that wealthy households (represented by the top 10% of the income distribution), who are more able to save in foreign currencies, gain in purchasing power of their incomes by hedging against domestic inflation. At the same time, the poor households (represented by the bottom fifty percent of the income distribution) retain a larger share of liquid assets denominated in domestic currency, thus experiencing a greater burden of local currency inflation. I also show that contractionary monetary policy is associated with periods of higher income inequality in emerging markets that is likely to exacerbate the damaging impact of inflation on the bottom groups of the income distribution.

本文探讨了小型开放经济背景下货币政策的分配效应。新兴市场在结构上不同于发达经济体。它们通常与更大的金融摩擦、不发达的金融市场以及美元化资产的平均水平高和获取这些资产的机会不平等等有关。因此，新兴经济体货币政策的分配效应需要额外的规范。特别是，我展示了更有能力以外币储蓄的富裕家庭（以收入分配的前 10% 为代表）通过对冲国内通胀来提高其收入的购买力。同时，贫困家庭（以收入分配的最底层 50% 为代表）保留了更多以本币计价的流动资产，因此承受了更大的本币通胀负担。我还表明，紧缩性货币政策与新兴市场收入不平等加剧的时期有关，这可能会加剧通货膨胀对收入分配底层群体的破坏性影响。