6533b83afe1ef96bd12a6f85

RESEARCH PRODUCT

Effects of unconventional monetary policy on income and wealth distribution: Evidence from United States and Eurozone

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description

As an answer to the “Great Recession” and Zero Lower Bound problem, main central banks had to use unconventional monetary policy (UMP). This research focuses on the distributive effects of these measures on household income and household wealth in the United States of America (USA) and the Eurozone. For this purpose, this paper presents four models that were constructed using the Structural Vector Autoregressive methodology (SVAR). The results suggest that the UMPs applied by the Federal Reserve (FED) in the USA could increase wealth and income inequality through the portfolio channel. However, the same results were not observed in the Eurozone. Key words: United States of America, Eurozone, Income inequality, Wealth inequality, Unconventional monetary policy.JEL: E52, E58, D63. Uticaji nekonvencionalne monetarne politike na raspodelu dohotka i bogatstva: Dokazi iz Sjedinjenih Država i Evrozone Kao odgovor na „Veliku recesiju“ i problem sa nultom donjom granicom, glavne centralne banke su morale koristiti nekonvencionalnu monetarnu politiku (UMP). Ovo istraživanje se fokusira na distributivne efekte ovih mera na prihod i bogatstvo domacinstava u Sjedinjenim Americkim Državama (SAD) i evrozoni. U tu svrhu, ovaj rad predstavlja cetiri modela koja su izgrađena pomocu strukturne vektorske autoregresivne metodologije (SVAR). Rezultati sugerisu da bi UMP-ovi koje je primenila Federalna banka (FED) u USA mogli povecati bogatstvo i nejednakost prihoda kroz portfolio kanal. Međutim, isti rezultati nisu primeceni u evrozoni. Kljucne reci: Sjedinjene Americke Države, evrozona, nejednakost u dohotku, nejednakost u bogatstvu, nekonvencionalna monetarna politika.