Program: Monetary

The Transmission of Monetary Policy through Redistributions and Durable Purchases

and | 19 January 2016
Monetary, Working Papers | Tags: Inequality, Lump-Sum Transfers, Sector Bias
This paper studies a redistribution channel for the transmission of monetary policy. Using a tractable OLG setting ... continue reading

The Distributional Implications of the Crisis and Policy Responses

| 8 December 2015
Blog, Monetary | Tags: Inequality, QE
The conduct of monetary policy over the last few years is totally unprecedented. Efforts have been made to influence all parts of the term structure of interest rates and credit spreads as well. Policy rates have been reduced essentially to zero. Forward guidance has also ... continue reading

Looking for a Way out the Subsidies Labyrinth in Argentina

| 16 October 2015
Blog, Fiscal, Monetary | Tags: Energy, Inflation, Subsidies
In the midst of a heated electoral campaign, subsidies are at the centre of the political debate in Argentina. Shock or gradual approaches to reform those transfers have emerged as the buzzwords of the moment as the presidential race heats up. ... continue reading

Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area

and | 17 September 2015
Monetary, Working Papers | Tags: Inequality, Inflation
We document the presence of sizable nominal wealth redistribution effects from unexpected price level movements in the Euro Area (EA), using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net loser of unexpected ... continue reading

Monetary Policy and the Distribution of Income and Wealth

September 11-12, 2015
Monetary, Workshops | Tags: Inequality, Inflation, QE
There has been intense focus recently on inequality in income and wealth across and within countries. Both developed and developing countries have experienced a marked increase in the gap between high and low income households, as well as an increase in the concentration of income ... continue reading