Tag: Inequality

Should Monetary Policy Take Inequality and Climate Change into Account?

| 24 January 2020
Discussion Notes, Monetary | Tags: Climate Change, Governing Finance, Inequality
Should central banks take more account of ethical issues, notably the impact of monetary policy actions on the distribution of income and wealth and on efforts to combat climate change, in the design and implementation of the wider monetary policy toolkit they have been using ... continue reading

Unconventional Monetary Policy and Inequality – Is Japan Unique?

and | 20 September 2019
Monetary, Working Papers | Tags: Inequality, Japan, Quantitative Easing
For over a decade, but especially since the start of Abenomics in 2013, the Bank of Japan (BoJ) has been increasing the monetary base rapidly by implementing an unconventional monetary policy (UMP). In a 2014 study, we found that Japan’s UMP had increased income inequality. ... continue reading

What the Tax Cuts and Jobs Act Means for Tax Expenditures

| 20 June 2019
Blog, Fiscal | Tags: Income Tax, Inequality, Tax Expenditures
In a new paper, my former Tax Policy Center colleague Daniel Berger and I calculate that the 2017 Tax Cuts and Jobs Act (TCJA) modestly reduced the cost of tax expenditures in the individual income tax and made them slightly less regressive. We estimate that ... continue reading

The Low-Skill Losers

| 30 April 2019
Blog, Monetary | Tags: Employment, Federal Reserve, Inequality, QE
The Fed is devoting increasing analytical – if not yet policy-maker – attention to the unequalizing impact of unconventional policy. It’s a start – a major problem besetting central banks in countries without a robust middle class – i.e., the U.S. – is that ... continue reading

Taxation in Aging Societies – Increasing the Effectiveness and Fairness of Pension Systems

, , , and | 28 March 2019
Fiscal, Policy Briefs | Tags: Inequality, Pensions, Tax Expenditures
Population aging is accelerating worldwide and has significant socio-economic implications, including a decline in the size of the labour force, an increase in the age-dependency ratio and a redistribution of income and wealth. Hence, the redesign of pension systems has become a priority. Taxation is ... continue reading