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Monetary policy and inequality: where do we stand?
[Politique monétaire et inégalités : un état des lieux]

Author

Listed:
  • Erwan Gautier
  • Adrian Penalver
  • Frédérique Savignac

Abstract

Over the cycle, monetary policy can be redistributional. Lower interest rates boost asset prices and lower borrowing costs but also increase employment and wages. But in the long run, monetary policy does not have systematic distributional effects; intergenerational transfers, globalisation, taxes and technological changes are the key fundamental drivers of inequality. La politique monétaire peut avoir des effets redistributifs au cours du cycle. Une baisse des taux d’intérêt accroit le prix des actifs et réduit le coût du crédit mais favorise aussi l’emploi. À long terme, la politique monétaire n’a pas d’effet redistributif systématique; d’autres facteurs (transferts intergénérationnels, progrès technologique) affectent plus fondamentalement l’évolution des inégalités.

Suggested Citation

  • Erwan Gautier & Adrian Penalver & Frédérique Savignac, 2020. "Monetary policy and inequality: where do we stand? [Politique monétaire et inégalités : un état des lieux]," Eco Notepad (in progress) 151, Banque de France.
    • Handle: RePEc:bfr:econot:151
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