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A primer on monetary policy and its effect on income distribution: a heterodox perspective

In: Central Banking, Monetary Policy and Income Distribution

Author

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  • Louis-Philippe Rochon
  • Mario Seccareccia

Abstract

Monetary policy is not often associated with income and wealth inequality. Since the 2007-8 financial crisis, however, the mainstream has slowly turned its attention to the link between changes in the rate of interest and income/wealth distribution. Of course, post-Keynesians, and heterodox economists in general, have been aware of this relationship for many decades. In this paper, we wish to explore further this relationship and focus on the direct and indirect transmission mechanisms, in particular in order to reveal the true nature of an inflation targeting monetary policy as a de facto long-term incomes policy. Finally, we wish to discuss these views briefly also in the context of open economies, as is the case of developing and emerging economies, such as Argentina.

Suggested Citation

  • Louis-Philippe Rochon & Mario Seccareccia, 2023. "A primer on monetary policy and its effect on income distribution: a heterodox perspective," Chapters, in: Sylvio Kappes & Louis-Philippe Rochon & Guillaume Vallet (ed.), Central Banking, Monetary Policy and Income Distribution, chapter 1, pages 20-34, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20016_1
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    Keywords

    Economics and Finance;

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