Distributional impacts of low for long interest rates

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cepal.bibLevelDocumento Completo
cepal.callNumberLC/TS.2019/46
cepal.docTypeSeries
cepal.jobNumberS1900509_en
cepal.regionalOfficeMéxico
cepal.sdg10
cepal.sdg12
cepal.sdg17
cepal.topicEngFINANCIAL AND MONETARY SECTOR
cepal.topicEngFISCAL AFFAIRS
cepal.topicEngINCOME DISTRIBUTION
cepal.topicEngINFLATION
cepal.topicEngMICROECONOMICS
cepal.topicSpaASUNTOS FISCALES
cepal.topicSpaDISTRIBUCIÓN DEL INGRESO
cepal.topicSpaINFLACIÓN
cepal.topicSpaMICROECONOMÍA
cepal.topicSpaSECTOR FINANCIERO Y MONETARIO
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorVillarreal, Francisco G.
dc.contributor.authorKronick, Jeremy M.
dc.coverage.spatialEngLATIN AMERICA AND THE CARIBBEAN
dc.coverage.spatialSpaAMERICA LATINA Y EL CARIBE
dc.date.accessioned2019-07-18T16:36:21Z
dc.date.available2019-07-18T16:36:21Z
dc.date.issued2019-07-18
dc.description.abstractThis paper asks whether tepid inflation in Canada since the financial crisis can in part be explained by the effects of monetary policy on inequality. Using different structural vector autoregression models we show that expansionary monetary policy post-crisis has offset otherwise falling inequality through the shifting of resources away from lower-income individuals, which in general have higher marginal propensities to consume. As a result, aggregate demand has not risen as much as it otherwise would have, leading to a more muted inflationary response. Our results suggest that failure to account for the heterogeneity of consumption responses across the income distribution could lead to an overestimation of the magnitude of inflation’s response to a monetary policy shock.
dc.description.tableOfContentsAbstract .-- Introduction .-- I. Stylized facts. A. Tepid inflation. B. Changes to the income distribution. C. Consumption baskets across the income distribution .-- II. SVAR Models and results. A. Basic SVAR. B. Detailed SVAR .-- III. Conclusion.
dc.formatTexto
dc.format.extent38 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/MEX/TS.2019/10
dc.identifier.unSymbolLC/TS.2019/46
dc.identifier.urihttps://hdl.handle.net/11362/44666
dc.language.isoeng
dc.physicalDescription38 p.
dc.publisherCEPAL
dc.publisher.placeMéxico, D.F.
dc.relation.isPartOfSeriesSerie Estudios y Perspectivas (México, DF)
dc.relation.isPartOfSeriesNo180
dc.rights.coarDisponible
dc.subject.unbisEngMACROECONOMICS
dc.subject.unbisEngINFLATION
dc.subject.unbisEngINCOME DISTRIBUTION
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisEngCONSUMPTION
dc.subject.unbisEngINTEREST RATES
dc.subject.unbisSpaMACROECONOMIA
dc.subject.unbisSpaINFLACION
dc.subject.unbisSpaDISTRIBUCION DEL INGRESO
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaCONSUMO
dc.subject.unbisSpaTASAS DE INTERES
dc.titleDistributional impacts of low for long interest rates
dc.type.coarlibro
dspace.entity.typePublication
relation.isAuthorOfPublication4da2025a-e017-4583-8e75-ea9a37062077
relation.isAuthorOfPublicationc839b24f-ecd4-4a33-a638-38de8c897b05
relation.isAuthorOfPublication.latestForDiscovery4da2025a-e017-4583-8e75-ea9a37062077
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