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The Effect of Monetary and Fiscal Policy on Inequality

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Abstract

How does accounting for households’ heterogeneity—and in particular inequality in income and wealth—change our approach to macroeconomics? What are the effects of monetary and fiscal policy on inequality, and what did we learn in this regard from the COVID-19 pandemic? What are the implications of inequality for the transmission of monetary policy, and its ability to stabilize the economy? These are some of the questions that were debated at a recent symposium on “Heterogeneity in Macroeconomics: Implications for Policy” organized by the new Applied Macroeconomics and Econometrics Center (AMEC) of the New York Fed on November 12.

Suggested Citation

  • Marco Del Negro & Keshav Dogra & Laura Pilossoph, 2022. "The Effect of Monetary and Fiscal Policy on Inequality," Liberty Street Economics 20220106, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:93603
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    More about this item

    Keywords

    inequality; monetary policy; fiscal policy;
    All these keywords.

    JEL classification:

    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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