Does Monetary Policy Affect Income Inequality in the Euro Area?
研究了1999-2014年欧洲央行扩张性货币政策对10个欧元区国家收入不平等的影响，发现扩张性货币政策通过劳动市场渠道降低不平等，尤其在边缘国家效果更明显。
Abstract This paper examines how the ECB's expansionary monetary policy affects income inequality in 10 euro area countries over the period 1999–2014. We distinguish two channels—labor‐market and financial—through which monetary policy can have distributional effects. The labor‐market channel is captured by wages and employment and the financial channel by asset prices and returns. We find that expansionary monetary policy in the euro area reduces income inequality, especially in the periphery countries. The labor‐market channel enhances the equalizing effect: monetary expansion reduces income inequality stronger by raising wages and employment. There is limited evidence for the financial channel.