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On the Effects of Monetary Policy Shocks on Income and Consumption Heterogeneity / Minsu Chang, Frank Schorfheide.
- Format:
- Book
- Author/Creator:
- Chang, Minsu.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w32166.
- NBER working paper series no. w32166
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2024.
- Summary:
- In this paper we use the functional vector autoregression (VAR) framework of Chang, Chen, and Schorfheide (2024) to study the effects of monetary policy shocks (conventional and informational) on the cross-sectional distribution of U.S. earnings (from the Current Population Survey), consumption, and financial income (both from the Consumer Expenditure Survey). We find that a conventional expansionary monetary policy shock reduces earnings inequality, in large part by lifting individuals out of unemployment. There is a weakly positive effect on consumption inequality and no effect on financial income inequality, but credible bands are wide.
- Notes:
- Print version record
- February 2024.
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