Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315937 
Year of Publication: 
2025
Series/Report no.: 
Working Papers No. 25-1
Publisher: 
Federal Reserve Bank of Boston, Boston, MA
Abstract: 
We use Zip code-level Statistics of Income data from the Internal Revenue Service to measure the distribution of income within U.S. metropolitan areas from 1998 through 2019. Exploiting geographic variation in income distribution over time, we study how unanticipated changes in the monetary policy stance shape the subsequent dynamics of income inequality. The results show that monetary policy persistently affects labor income inequality and that these distributional effects are amplified significantly in weak local labor markets.
Subjects: 
Income inequality
distributional impact of monetary policy
high-frequency monetary policy surprises
local labor markets
JEL: 
E21
E52
E58
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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