Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/241152 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
Staff Report No. 959
Verlag: 
Federal Reserve Bank of New York, New York, NY
Zusammenfassung: 
This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households. Specifically, we show that, although a more accommodative monetary policy increases employment of black households more than white households, the overall effects are small. At the same time, an accommodative monetary policy shock exacerbates the wealth difference between black and white households, because black households own less financial assets that appreciate in value. Over multi-year time horizons, the employment effects are substantially smaller than the countervailing portfolio effects. We conclude that there is little reason to think that accommodative monetary policy plays a significant role in reducing racial inequities in the way often discussed. On the contrary, it may well accentuate inequalities for extended periods
Schlagwörter: 
monetary policy
racial inequality
income distribution
wealth distribution
wealth effects
JEL: 
E40
E52
J15
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.74 MB





Publikationen in EconStor sind urheberrechtlich geschützt.