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Innocent Bystanders Monetary Policy And Inequality In The Us
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Book Synopsis Innocent Bystanders? Monetary Policy and Inequality in the U.S. by : Mr.Olivier Coibion
Download or read book Innocent Bystanders? Monetary Policy and Inequality in the U.S. written by Mr.Olivier Coibion and published by International Monetary Fund. This book was released on 2012-08-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Innocent bystanders? : monetary policy and inequality in the U.S. by : Olivier Coibion
Download or read book Innocent bystanders? : monetary policy and inequality in the U.S. written by Olivier Coibion and published by . This book was released on 2012 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 -- National Bureau of Economic Research web site.
Book Synopsis Innocent Bystanders? by : Olivier Coibion
Download or read book Innocent Bystanders? written by Olivier Coibion and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Monetary Policy Shocks on Inequality by : Davide Furceri
Download or read book The Effects of Monetary Policy Shocks on Inequality written by Davide Furceri and published by International Monetary Fund. This book was released on 2017-01-18 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.
Book Synopsis Distributional Effects of Monetary Policy by : Valentina Bonifacio
Download or read book Distributional Effects of Monetary Policy written by Valentina Bonifacio and published by International Monetary Fund. This book was released on 2021-07-30 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.
Book Synopsis Equality and Efficiency REV by : Arthur M. Okun
Download or read book Equality and Efficiency REV written by Arthur M. Okun and published by Brookings Institution Press. This book was released on 2015-04-30 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1975, Equality and Efficiency: The Big Tradeoff is a very personal work from one of the most important macroeconomists of the last hundred years. And this new edition includes "Further Thoughts on Equality and Efficiency," a paper published by the author two years later. In classrooms Arthur M. Okun may be best remembered for Okun's Law, but his lasting legacy is the respect and admiration he earned from economists, practitioners, and policymakers. Equality and Efficiency is the perfect embodiment of that legacy, valued both by professional economists and those readers with a keen interest in social policy. To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes. To all readers, Okun presents an engaging dual theme: the market needs a place, and the market needs to be kept in its place. As Okun puts it: Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially. This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Today, Okun's dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. In his foreword, Lawrence H. Summers declares: On what one might think of as questions of "economic philosophy," I doubt that Okun has been improved on in the subsequent interval. His discussion of how societies rely on rights as well as markets should be required reading for all young economists who are enamored with market solutions to all problems. With a new foreword by Lawrence H. Summers
Book Synopsis Monetary Policy in the Euro Area by : Otmar Issing
Download or read book Monetary Policy in the Euro Area written by Otmar Issing and published by Cambridge University Press. This book was released on 2001-07-26 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
Book Synopsis Should Inequality Factor Into Central Banks' Decisions? by : Niels-Jakob Harbo Hansen
Download or read book Should Inequality Factor Into Central Banks' Decisions? written by Niels-Jakob Harbo Hansen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Finance and Inequality by : Mr.Martin Cihak
Download or read book Finance and Inequality written by Mr.Martin Cihak and published by International Monetary Fund. This book was released on 2020-01-17 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines empirical relationships between income inequality and three features of finance: depth (financial sector size relative to the economy), inclusion (access to and use of financial services by individuals and firms), and stability (absence of financial distress). Using new data covering a wide range of countries, the analysis finds that the financial sector can play a role in reducing inequality, complementing redistributive fiscal policy. By expanding the provision of financial services to low-income households and small businesses, it can serve as a powerful lever in helping create a more inclusive society but—if not well managed—it can amplify inequalities.
Book Synopsis International Capital Flows by : Martin Feldstein
Download or read book International Capital Flows written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes in technology, along with the opening up of many regions previously closed to investment, have led to explosive growth in the international movement of capital. Flows from foreign direct investment and debt and equity financing can bring countries substantial gains by augmenting local savings and by improving technology and incentives. Investing companies acquire market access, lower cost inputs, and opportunities for profitable introductions of production methods in the countries where they invest. But, as was underscored recently by the economic and financial crises in several Asian countries, capital flows can also bring risks. Although there is no simple explanation of the currency crisis in Asia, it is clear that fixed exchange rates and chronic deficits increased the likelihood of a breakdown. Similarly, during the 1970s, the United States and other industrial countries loaned OPEC surpluses to borrowers in Latin America. But when the U.S. Federal Reserve raised interest rates to control soaring inflation, the result was a widespread debt moratorium in Latin America as many countries throughout the region struggled to pay the high interest on their foreign loans. International Capital Flows contains recent work by eminent scholars and practitioners on the experience of capital flows to Latin America, Asia, and eastern Europe. These papers discuss the role of banks, equity markets, and foreign direct investment in international capital flows, and the risks that investors and others face with these transactions. By focusing on capital flows' productivity and determinants, and the policy issues they raise, this collection is a valuable resource for economists, policymakers, and financial market participants.
Book Synopsis Black Silent Majority by : Michael Javen Fortner
Download or read book Black Silent Majority written by Michael Javen Fortner and published by Harvard University Press. This book was released on 2015-09-07 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aggressive policing and draconian sentencing have disproportionately imprisoned millions of African Americans for drug-related offenses. Michael Javen Fortner shows that in the 1970s these punitive policies toward addicts and pushers enjoyed the support of many working-class and middle-class blacks, angry about the chaos in their own neighborhoods.
Book Synopsis The Cyclicality of Sales, Regular and Effective Prices by : Mr.Olivier Coibion
Download or read book The Cyclicality of Sales, Regular and Effective Prices written by Mr.Olivier Coibion and published by International Monetary Fund. This book was released on 2012-08-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas. Both the frequency and size of sales fall when local unemployment rates rise and yet the inflation rate for effective prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers reallocating their expenditures across retailers, a feature of the data which we document and quantify. We propose a simple model with household shopping effort and store-switching consistent with these stylized facts and document its implications for business cycles and policymakers.
Book Synopsis Inequality, Crime and Public Policy (Routledge Revivals) by : John Braithwaite
Download or read book Inequality, Crime and Public Policy (Routledge Revivals) written by John Braithwaite and published by Routledge. This book was released on 2013-09-13 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1979, Inequality, Crime, and Public Policy integrates and interprets the vast corpus of existing research on social class, slums, and crime, and presents its own findings on these matters. It explores two major questions. First, do policies designed to redistribute wealth and power within capitalist societies have effects upon crime? Second, do policies created to overcome the residential segregation of social classes have effects on crime? The book provides a brilliantly comprehensive and systematic review of the empirical evidence to support or refute the classic theories of Engles, Bonger, Merton, Cloward and Ohlin, Cohen, Miller, Shaw and McKay, amongst many others. Braithwaite confronts these theories with evidence of the extent and nature of white collar crime, and a consideration of the way law enhancement and law enforcement might serve class interest.
Book Synopsis The 9.9 Percent by : Matthew Stewart
Download or read book The 9.9 Percent written by Matthew Stewart and published by Simon and Schuster. This book was released on 2022-10-11 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: "A trenchant analysis of how the wealthiest 9.9 percent of Americans -- those just below the tip of the wealth pyramid -- have exacerbated the growing inequality in our country and distorted our social values"--
Book Synopsis Under the Influence by : Robert H. Frank
Download or read book Under the Influence written by Robert H. Frank and published by Princeton University Press. This book was released on 2021-10-19 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: "From New York Times bestselling author and economics columnist Robert Frank, a revelatory look at the power and potential of social context. As psychologists have long understood, social environments profoundly shape our behavior, sometimes for the better, but often for the worse. Less widely noted is that social influence is a two-way street: Our environments are in large part themselves a product of the choices we make. Society embraces regulations that limit physical harm to others, as when smoking restrictions are defended as protecting bystanders from secondhand smoke. But we have been slower to endorse parallel steps that discourage harmful social environments, as when regulators fail to note that the far greater harm caused when someone becomes a smoker is to make others more likely to smoke. In Under the Influence, Robert Frank attributes this regulatory asymmetry to the laudable belief that individuals should accept responsibility for their own behavior. Yet that belief, he argues, is fully compatible with public policies that encourage supportive social environments. Most parents hope, for example, that their children won't grow up to become smokers, bullies, tax cheats, sexual predators, or problem drinkers. But each of these hopes is less likely to be realized whenever such behaviors become more common. Such injuries are hard to measure, Frank acknowledges, but that's no reason for policymakers to ignore them. The good news is that a variety of simple policy measures could foster more supportive social environments without ushering in the dreaded nanny state or demanding painful sacrifices from anyone"--
Book Synopsis Negative Interest Rates by : Luís Brandão Marques
Download or read book Negative Interest Rates written by Luís Brandão Marques and published by International Monetary Fund. This book was released on 2021-03-03 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on negative interest rate policies and covers a broad range of its effects, with a detailed discussion of findings in the academic literature and of broader country experiences.
Book Synopsis Horizontal Inequalities and Conflict by : F. Stewart
Download or read book Horizontal Inequalities and Conflict written by F. Stewart and published by Springer. This book was released on 2016-01-22 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on econometric evidence and in-depth studies of West Africa, Latin America and Southeast Asia, this book explores how horizontal inequalities - ethnic, religious or racial - are a source of violent conflict and how political, economic and cultural status inequalities have contributed. Policies to reverse inequality would reduce these risks.
