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Les effets redistributifs des politiques monétaires de la BCE

Author

Listed:
  • Christophe Blot
  • Jérôme Creel
  • Paul Hubert
  • Fabien Labondance

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.

Suggested Citation

  • Christophe Blot & Jérôme Creel & Paul Hubert & Fabien Labondance, 2017. "Les effets redistributifs des politiques monétaires de la BCE," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 165-180.
    • Handle: RePEc:cai:refaef:ecofi_128_0165
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    References listed on IDEAS

    as
    1. Albanesi, Stefania, 2007. "Inflation and inequality," Journal of Monetary Economics, Elsevier, vol. 54(4), pages 1088-1114, May.
    2. Yann Algan & Xavier Ragot, 2010. "Monetary policy with Heterogeneous Agents and Borrowing Constraints," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 13(2), pages 295-316, April.
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    9. Yann Algan & Xavier Ragot, 2010. "Monetary policy with Heterogeneous Agents and Borrowing Constraints," PSE-Ecole d'économie de Paris (Postprint) halshs-00754461, HAL.
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    Cited by:

    1. 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).
    2. repec:spo:wpmain:info:hdl:2441/2okfbeuvhi9g2pirgpimtke7pn is not listed on IDEAS
    3. repec:hal:spmain:info:hdl:2441/2okfbeuvhi9g2pirgpimtke7pn is not listed on IDEAS

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    More about this item

    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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