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Les effets redistributifs des politiques monétaires dela BCE

Author

Listed:
  • Christophe Blot

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Jérôme Creel

  • Fabien Labondance

  • Paul Hubert

Abstract

The debate about wealth inequality has recently hit the sphere of monetary policymaking: some analysts argued that the unconventional monetary policy would benefit the rich at the expense of the poor. This contribution reviews the channels explaining the relationship between monetary policy and income inequality. An empirical test on the Euro area suggests that ECB unconventional monetary policy may have increased inequality in favour of households who are employed and hold a financial portfolio. Classification JEL: D3, D63, E25, E5.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Christophe Blot & Jérôme Creel & Fabien Labondance & Paul Hubert, 2017. "Les effets redistributifs des politiques monétaires dela BCE," Post-Print hal-01743056, HAL.
    • Handle: RePEc:hal:journl:hal-01743056
    as

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    Cited by:

    1. repec:spo:wpmain:info:hdl:2441/2okfbeuvhi9g2pirgpimtke7pn is not listed on IDEAS
    2. Jérôme Creel & Mehdi El Herradi, 2019. "Shocking aspects of monetary policy on income inequality in the euro area," Documents de Travail de l'OFCE 2019-15, Observatoire Francais des Conjonctures Economiques (OFCE).

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    Keywords

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    JEL classification:

    • D3 - Microeconomics - - Distribution
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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