Monetary Policy and Economic Inequality : a Literature Review

• Autorzy: Mikołaj Raczyński

Warianty tytułu

Polityka pieniężna i nierówności ekonomiczne : przegląd literatury

• Języki publikacji: EN

Abstrakty

Celem artykułu jest przedstawienie możliwego wpływu polityki pieniężnej na nierówności ekonomiczne. W ostatnich dekadach istotnie wzrosły bowiem nierówności dochodowe i majątkowe w krajach rozwiniętych. W rezultacie zainteresowanie tematem nierówności w badaniach ekonomicznych również się zwiększyło. Pojawiły się także badania wskazujące na negatywny wpływ zwiększonych nierówności ekonomicznych na wzrost gospodarczy. Polityka pieniężna, w ramach swojej funkcji reakcji, wielokrotnie wykorzystuje dane dotyczące wzrostu gospodarczego. Kluczowe staje się więc przeanalizowanie możliwego wpływu polityki pieniężnej na nierówności ekonomiczne. Na potrzeby artykułu przeanalizowano ponad 40 prac badawczych poruszających wpływ konwencjonalnej i niekonwencjonalnej polityki pieniężnej. Artykuł został podzielony na cztery główne części, które analizują literaturę dotyczącą wpływu: konwencjonalnej polityki pieniężnej na nierówności dochodowe, konwencjonalnej polityki pieniężnej na nierówności majątkowe, niekonwencjonalnej polityki pieniężnej na nierówności dochodowe oraz niekonwencjonalnej polityki pieniężnej na nierówności majątkowe. Podczas prac nad literaturą zidentyfikowano również główne kanały oddziaływania polityki pieniężnej na nierówności: kanał stopy procentowej, kanał struktury dochodu rozporządzalnego, kanał segmentacji finansowej, kanał składu portfela majątkowego, kanał redystrybucji oszczędności oraz kanał różnorodności źródeł dochodu. Wyniki przeglądu literatury wskazują, że: (1) reakcja zatrudnienia na zmiany w polityce pieniężnej stanowi kluczowy aspekt określania finalnych efektów dystrybucyjnych, (2) majątek gospodarstw domowych posiadany na rynku mieszkaniowym może działać jako czynnik łagodzący wzrost nierówności, jeżeli jest zaliczany do majątku netto, (3) ekspozycja gospodarstw domowych na rynek akcji znacząco wpływa na oddziaływanie polityki pieniężnej na nierówności ekonomiczne, (4) wpływ zakupów przez banki centralne obligacji korporacyjnych i akcji na nierówności ekonomiczne pozostaje niezbadany, (5) większość badań opartych na danych ankietowych wskazuje na zmniejszenie nierówności w reakcji na łagodzenie polityki pieniężnej, podczas gdy większość analiz opartych na danych podatkowych lub rachunkach narodowych wskazuje na odwrotny kierunek oddziaływania, (6) szacowane całkowite zmiany miar nierówności w reakcji na zmiany w polityce pieniężnej można ocenić jako stosunkowo niewielkie. (abstrakt oryginalny)

EN

Recently, economic inequalities in many countries have markedly increased. We reviewed more than 40 recent research papers related to the impact of monetary policy on economic inequalities and analysed income and wealth inequalities along with conventional and unconventional monetary policies. The results of the literature review indicate that: (1) the employment response to a policy shift serves as the crucial aspect in determining distributional effects, (2) housing wealth acts as a mitigating factor when accounted for as net wealth, (3) the stock market exposure of households significantly affects the impact of monetary policy on inequality, (4) the impact on inequality of corporate bonds or equities purchases remains unexplored, (5) most of the studies based on survey data indicate lower inequality from policy easing, whereas most of the studies based on tax data or national accounts point in the opposite direction, and (6) estimated changes in inequality measures appear relatively modest. (original abstract)

Słowa kluczowe

PL

Polityka pieniężna; Nierówności gospodarcze; Nierówności dochodowe; Przegląd literatury

EN

Monetary policy; Economic inequality; Income inequalities; Literature review

• Czasopismo: Bank i Kredyt
• Rocznik: 2022
• Numer: nr 2
• Strony: 231-278

Twórcy

autor

Mikołaj Raczyński

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