EL HERRADI, Mehdi; LEROY, Aurelien

doi:10.2139/ssrn.3379740

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EL HERRADI, Mehdi

LEROY, Aurelien

Laboratoire d'analyse et de recherche en économie et finance internationales [Larefi]

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This paper examines the distributional implications of monetary pol-icy from a long-run perspective with data spanning a century of modern economic history in 12 advanced economies between 1920 and 2015. We employ two complementary empirical methodologies for estimating the dynamic responses of the top 1% income share to a monetary policy shock: vector auto-regressions and local projections. We notably exploit the implications of the macroeconomic policy trilemma to identify exogenous variations in monetary conditions. The obtained results indicate that ex-pansionary monetary policy strongly increases the share of national income held by the top one percent. Our findings also suggest that this effect is arguably driven by higher asset prices, and holds irrespective of the state of the economy.< Réduire

Mots clés en anglais

Monetary policy

Income inequality

Local projections

Panel VAR

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Monetary Policy and the Top One Percent: Evidence from a Century of Modern Economic History

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