Search results for " inequality."
showing 10 items of 809 documents
Monetary policy and the redistribution of net worth in the U.S
2021
The view that expansionary monetary policy can exacerbate both income and wealth inequality by increasing asset prices has become increasingly popular. The aim of this paper is to study the distributive effects of monetary policy on wealth inequality. In the first part of this research, we develop a simple framework based on accounting identity to examine the redistributive repercussions of changes in monetary policy on net worth through different channels. Based on this framework, in the second part of the paper, we show empirical evidence concerning the effects of monetary policy on wealth inequality in the US. To derive this, we combined macro and micro data, and proceeded in two steps. …
Hemivariational Inequalities and Hysteresis
2001
Hemivariational inequalities introduced by P.D. Panagiotopoulos are generalizations of variational inequalities. This type of inequality problems arises, e.g. in variational formulation of mechanical problems whenever nonmonotone and multivalued relations or nonconvex energy functions are involved. Typical examples of such kind of phenomena are nonmonotone friction laws and adhesive contact laws. Mathematically these nonmonotone relations are described by means of generalized gradients (in sense of F.H. Clarke) of nonconvex potential functions. For applications and for their mathematical treatment we refer to [9],[10],[13]–[18].
Does hospital competition harm equity? Evidence from the English National Health Service
2011
Increasing evidence shows that hospital competition under fixed prices can improve quality and reduce cost. Concerns remain, however, that competition may undermine socio-economic equity in the utilisation of care. We test this hypothesis in the context of the pro-competition reforms of the English National Health Service progressively introduced from 2004 to 2006. We use a panel of 32,482 English small areas followed from 2003 to 2008 and a difference in differences approach. The effect of competition on equity is identified by the interaction between market structure, small area income deprivation and year. We find a negative association between market competition and elective admissions …
ASPECTS OF INEQUALITY IN THE CONTEXT OF EMPLOYMENT OF PRE-SCHOOL TEACHERS IN LATVIA
2020
Policy-making in education involves social agents at national, municipal and institutional levels. National regulations and financial capacity of municipalities determine working conditions of teachers and employment aspects at all levels of the education system. For several years, discussions have been taking place in Latvia involving employers of education sector and policy makers on tackling inequalities in pay and workload principles for pre-school teachers. Situation of the pre-school teachers varies across municipalities and is affected by their financial opportunities to sustain educational institutions and ensure teachers’ salaries. In 2019, Latvian Trade Union of Education and Scie…
The legal origin of income inequality
2014
The legal origin movement is implicitly functionalist, while it explicitly prioritizes economic dimensions of development. From this perspective, the empirical findings presented in this paper seem to uncover the existence of a paradox. On the one hand, common law countries are apparently characterized by countless advantages, yet they do not grow faster than civil law countries. On the other hand, common law countries present a more unequal distribution of income, thus suggesting that also from a static perspective there is no a priori reason to prefer a common law system. To further investigate this paradox, we analyze if common law countries are at least characterized by a better kind (e…
The impact of the coronavirus crisis on European societies. What have we learnt and where do we go from here? – Introduction to the COVID volume
2021
The coronavirus pandemic, which first impacted European societies in early 2020, has created a twofold crisis by combining a health threat with economic turmoil. While the crisis has affected all European societies very significantly, its impact varies across countries, social groups, and societal domains. In an effort to provide a first overview of the effect of the coronavirus crisis, in this editorial we discuss contributions of 58 papers published as part of this special issue. These early research papers illustrate the varied impact of the pandemic on various areas of social life. The first group of studies in this special issue analyzes the effect of the pandemic on social inequalitie…
THE BETWEEN-COUNTRY INEQUALITY: DOES IT HINDER THE COMPETITIVENESS?
2012
Nowadays the competitiveness is the significant premise to enhance the inhabitants well being. From this perspective on competitiveness has been given great attention in the literature and competitiveness hindrances have been studied as well. However the link between inequality and competitiveness is less studied, particular in case of the European Union. Thereby the author attempts to clarify the role of the between-country income inequality in hindering the competitiveness.The data analysis shows that lower income countries have less ability towards strengthening the nation economy competitiveness thereby reducing overall European Union competitiveness level. Obviously the country's compe…
Socio-economic inequalities and organized crime: An empirical analysis
2020
In this chapter we contribute to the recent literature (e.g., Istat, 2010, Acciari et al., 2016, Guell et al., 2017) that provides evidence that inequality is high and social mobility is low in the Italian regions and prov-inces where organized crime is widespread such as those of Southern Italy. We complement this line of work in two respects. First, using a novel pan-el dataset at the regional level for the period 1985-2014 we investigate the relationship between inequality and organized crime at the regional level, exploiting both time and cross-sectional variation. Second, we assess the role of social mobility in organized crime. Our main finding is that higher inequality leads to highe…
Effects of unconventional monetary policy on income and wealth distribution: Evidence from United States and Eurozone
2019
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…
The effects of monetary policy shocks on inequality
2018
Abstract This paper provides new evidence of the effect of conventional monetary policy shocks on income inequality. We construct a measure of unanticipated changes in policy rates—changes in short-term interest rates that are orthogonal to unexpected changes in growth and inflation news—for a panel of 32 advanced and emerging market countries over the period 1990–2013. Our main finding is that contractionary monetary policy shocks increase income inequality, on average. The effect is asymmetric—tightening of policy raises inequality more than easing lowers it—and depends on the state of the business cycle. We find some evidence that the effect increases with the share of labor income and i…