Monetary Policy and Income Distribution: Empirical Evidence for the EU-15

• Juan Ignacio Martín-Legendre ^[1] ; Pablo Castellanos-García ^[1] ; José Manuel Sánchez-Santos ^[1]
  1. [1] Universidade da Coruña

     Universidade da Coruña

     A Coruña, España

     
• Localización: Revista de economía mundial, ISSN 1576-0162, Nº 55, 2020, págs. 121-142
• Idioma: inglés
• DOI: 10.33776/rem.v0i55.3820
• Títulos paralelos:
  • Política monetaria y distribución del ingreso: evidencia empírica para la UE-15
• Enlaces
  • Texto completo
• Resumen
  • español

    Este artículo presenta una investigación empírica sobre cómo la política monetaria puede afectar a la distribución del ingreso. Tras describir los canales a través de los cuales la política monetaria puede tener un impacto en la distribución de la renta, se realiza un análisis para un panel de 15 países de la UE (Unión Europea) que abarca el período 1995-2014. Los resultados evidencian una relación positiva significativa entre los tipos de interés reales y la desigualdad de ingresos medida como el coeficiente de Gini. Sin embargo, esta relación sólo es significativa a medio plazo, pero no a corto plazo. Nuestros resultados plantean que los bancos centrales tengan en consideración los efectos redistributivos de la política monetaria.

  • English

    This paper presents an empirical research on how monetary policy can affect income distribution. After describing the channels through which monetary policy may have an impact on income distribution, we perform a panel analysis of 15 EU (European Union) countries covering the period 1995-2014. The results provide evidence of a significant positive relationship between real interest rates and income inequality measured as the Gini coefficient. However, this relationship only becomes significant in the medium term but not in the short term. Our findings call for greater attention by central bankers to the redistributive effects of monetary policy.

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