In this article, the link between monetary policy and inequality is investigated using the vector auto regression based impulse response functions. The study was motivated by persistent high income inequality in South Africa and the COVID-19 pandemic has renewed the debate on the links between monetary policy and inequality. South African annual time series data from 1990 to 2021 was used to examine the relationship between monetary policy and inequality. The impulse response functions show that the overall income distribution is briefly improved following a monetary policy shock. The findings suggest a fluctuating effect of monetary policy on inequality of which after period six a shock to monetary policy has no effect to inequality since the relationship reaches a stable state. The policy implication is the countercyclical use of monetary policy to reduce inequality is only effective in the early phases and in the long term the effect of monetary policy on inequality is reduced. The policy suggestion is that monetary policy alone cannot tackle inequality in an economy with other structural challenges that are outside of the monetary system. Hence policy coordination between monetary policy and fiscal policy is essential.

在本文中，使用基于向量自回归的脉冲响应函数研究了货币政策与不平等之间的联系。该研究的动机是南非持续存在的高收入不平等，而 COVID-19 大流行重新引发了关于货币政策与不平等之间联系的辩论。使用 1990 年至 2021 年的南非年度时间序列数据来检验货币政策与不平等之间的关系。脉冲响应函数表明，在货币政策冲击之后，整体收入分配得到了短暂改善。研究结果表明，货币政策对不平等的影响是波动的，在第六阶段之后，货币政策的冲击对不平等没有影响，因为这种关系达到了稳定状态。政策含义是反周期地使用货币政策来减少不平等仅在早期阶段有效，从长远来看，货币政策对不平等的影响会降低。政策建议是，单靠货币政策无法解决经济中存在货币体系之外的其他结构性挑战的不平等问题。因此，货币政策和财政政策之间的政策协调至关重要。