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Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
IES Working Paper No. 15/2021
Verlag: 
Charles University in Prague, Institute of Economic Studies (IES), Prague
Zusammenfassung: 
In this paper we investigate the effect of income inequality on the transmission of standard and unconventional monetary policy shocks to bank loan rates. We hypothesize that income inequality might encapsulate important characteristics of credit market demand. We use an interacted panel error correction model to examine a set of EA countries over the years 2008-2016. Our findings suggest that higher income inequality hinders the transmission of standard monetary policy to consumer loans and limits the use of unconventional monetary policy in the housing loans segment. Conversely, more unequal societies are characterized by stronger monetary transmission in the small firm loans segment.
Schlagwörter: 
interest-rate pass-through
interacted PMG
income inequality
standard monetary policy
unconventional monetary policy
JEL: 
D31
E21
E52
E58
Dokumentart: 
Working Paper

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