중동부유럽
연구정보
[정책] How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area
중동부유럽 일반 국외연구자료 연구보고서 CEPR 발간일 : 2021-04-29 등록일 : 2021-05-08 원문링크
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This paper evaluates the impact of quantitative easing on income and wealth of individual euro area households. We first estimate the aggregate effects of a QE shock, identified by means of external instruments, in a multi-country VAR model with unemployment, wages, interest rates, house prices and stock prices. We then distribute the aggregate effects across households using a reduced-form simulation on micro data, which captures the portfolio composition, the income composition and the earnings heterogeneity channels of transmission. The earnings heterogeneity channel is important: QE compresses the income distribution since many households with lower incomes become employed. In contrast, monetary policy has only negligible effects on the Gini coefficient for wealth: while high-wealth households benefit from higher stock prices, middle-wealth households benefit from higher house prices.
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