Innocent Bystanders? Monetary Policy and Inequality in the U.S.
Innocent Bystanders? Monetary Policy and Inequality in the U.S.

Author: Mr.Olivier Coibion

Publisher: International Monetary Fund

Published: 2012-08-01

Total Pages: 57

ISBN-13: 1475505493

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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.

The Distributional Effects of Climate Policies
The Distributional Effects of Climate Policies

Author: ZACHMANN. GUSTAV GEORG (FREDRIKSSON. GREGORY, CLAEYS.)

Publisher:

Published: 2018-12-20

Total Pages: 112

ISBN-13: 9789078910473

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Policymakers will not accept forceful decarbonisation policies if they lead to visibly increasing inequality within their societies. The distributive effects of climate policies need to be addressed. This report provides a selective review of recent academic literature and experience on the distributional effects of climate policies.

The Distributional Effects of Environmental Policy
The Distributional Effects of Environmental Policy

Author: Johnstone Nick

Publisher: OECD Publishing

Published: 2006-02-23

Total Pages: 336

ISBN-13: 9264066136

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This book builds upon existing literature to simultaneously examine disparities in the distribution of environmental impacts of environmental policy and in the distribution of financial effects among households.

The Distributional Impact of Taxes and Transfers
The Distributional Impact of Taxes and Transfers

Author: Gabriela Inchauste

Publisher: World Bank Publications

Published: 2017-09-19

Total Pages: 402

ISBN-13: 1464810923

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The World Bank has partnered with the Commitment to Equity Institute at Tulane University to implement their diagnostic tool—the Commitment to Equity (CEQ) Assessment—designed to assess how taxation and public expenditures affect income inequality, poverty, and different economic groups. The approach relies on comprehensive fiscal incidence analysis, which measures the contribution of each individual intervention to poverty and inequality reduction as well as the combined impact of taxes and social spending. The CEQ Assessment provide an evidence base upon which alternative reform options can be analyzed. The use of a common methodology makes the results comparable across countries. This volume presents eight country studies that examine the distributional effects of individual programs and policy measures—and the net effect of each country’s mix of policies and programs. These case studies were produced in the context of Bank policy dialogue and have since been used to propose alternative reform options.

The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data
The Aggregate and Distributional Effects of Financial Globalization: Evidence from Macro and Sectoral Data

Author: Davide Furceri

Publisher: International Monetary Fund

Published: 2018-04-06

Total Pages: 61

ISBN-13: 1484350898

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We take a fresh look at the aggregate and distributional effects of policies to liberalize international capital flows—financial globalization. Both country- and industry-level results suggest that such policies have led on average to limited output gains while contributing to significant increases in inequality—that is, they pose an equity–efficiency trade-off. Behind this average lies considerable heterogeneity in effects depending on country characteristics. Liberalization increases output in countries with high financial depth and those that avoid financial crises, while distributional effects are more pronounced in countries with low financial depth and inclusion and where liberalization is followed by a crisis. Difference-indifference estimates using sectoral data suggest that liberalization episodes reduce the share of labor income, particularly for industries with higher external financial dependence, those with a higher natural propensity to use layoffs to adjust to idiosyncratic shocks, and those with a higher elasticity of substitution between capital and labor. The sectoral results underpin a causal interpretation of the findings using macro data.

The Distributional Implications of the Impact of Fuel Price Increases on Inflation
The Distributional Implications of the Impact of Fuel Price Increases on Inflation

Author: Mr. Kangni R Kpodar

Publisher: International Monetary Fund

Published: 2021-11-12

Total Pages: 34

ISBN-13: 1616356154

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This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.

Distributional Cost-Effectiveness Analysis
Distributional Cost-Effectiveness Analysis

Author: Richard Cookson

Publisher: Handbooks in Health Economic Evaluation

Published: 2020-09-30

Total Pages: 385

ISBN-13: 0198838190

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Health inequalities blight lives, generate enormous costs, and exist everywhere. This book is the definitive all-in-one guide for anyone who wishes to learn about, commission, and use distributional cost-effectiveness analysis to promote both equity and efficiency in health and healthcare.

Unelected Power
Unelected Power

Author: Paul Tucker

Publisher: Princeton University Press

Published: 2019-09-10

Total Pages: 662

ISBN-13: 0691196303

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Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.

Monetary Policy in the Euro Area
Monetary Policy in the Euro Area

Author: Otmar Issing

Publisher: Cambridge University Press

Published: 2001-07-26

Total Pages: 220

ISBN-13: 9780521788885

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A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.

The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications
The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications

Author: Baoping Shang

Publisher: International Monetary Fund

Published: 2021-06-25

Total Pages: 32

ISBN-13: 151357339X

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Addressing the poverty and distributional impacts of carbon pricing reforms is critical for the success of ambitious actions in the fight against climate change. This paper uses a simple framework to systematically review the channels through which carbon pricing can potentially affect poverty and inequality. It finds that the channels differ in important ways along several dimensions. The paper also identifies several key gaps in the current literature and discusses some considerations on how policy designs could take into account the attributes of the channels in mitigating the impacts of carbon pricing reforms on households.