Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/62442
Authors: 
Coibion, Olivier
Gorodnichenko, Yuriy
Kueng, Lorenz
Silvia, John
Year of Publication: 
2012
Series/Report no.: 
Discussion Paper series, Forschungsinstitut zur Zukunft der Arbeit 6633
Abstract: 
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Subjects: 
monetary policy
income inequality
consumption inequality
JEL: 
E3
E4
E5
Document Type: 
Working Paper

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