ABSTRACT

We evaluate the income distributional effect of monetary policy in the UK for the period 1993–2019 using a mixed frequency approach and a high-frequency identification. Our results indicate that expansionary monetary policy increased income inequality during the unconventional policy subperiod 2009–2019. Looking at the income brackets, we find that this increase in inequality is primarily due to the positive impact of expansionary policy on the upper share of income distribution. Our counterfactual analysis reveals that unconventional monetary policy contributed to the increase in inequality and that the response to COVID-19 is likely to do the same.

摘要

我们使用混合频率方法和高频识别评估 1993-2019 年期间英国货币政策的收入分配效应。我们的结果表明，在 2009-2019 年的非常规政策子时期，扩张性货币政策加剧了收入不平等。从收入等级来看，我们发现不平等的加剧主要是由于扩张性政策对收入分配上层份额的积极影响。我们的反事实分析表明，非常规货币政策导致不平等加剧，而对 COVID-19 的反应也可能造成同样的后果。