Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/122055
Authors: 
Mumtaz, Haroon
Theophilopoulou, Angeliki
Year of Publication: 
2015
Series/Report no.: 
Working Paper, School of Economics and Finance, Queen Mary, University of London 738
Abstract: 
The UK has experienced a dramatic increase in earnings and income inequality over the past four decades. We use detailed micro level information to construct historical measures of inequality from 1968 to 2008. We study whether monetary policy shocks played a significant role in explaining this increase before and after 1993. We find that contractionary monetary policy shocks lead to a deterioration in earnings and income inequality and contribute to its fluctuation. Our evidence suggest that this effect is smaller during the inflation targeting period.
Subjects: 
Inequality
Earnings
Income
Mixed frequency Bayesian SVAR
Monetary policy shocks
JEL: 
E2
E3
E4
E5
Document Type: 
Working Paper

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