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Kazuhiko Kakamu (Kobe University)

13 October 2017 @ 12:00

 

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Date:
13 October 2017
Time:
12:00
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How does monetary policy affect  income inequality in Japan? Evidence from grouped data

Co-author: Martin Feldkircher (Oesterreichische Nationalbank (OeNB))

Abstract: We examine the effects of monetary policy on income inequality in Japan using a novel  econometric approach that jointly estimates the Gini coefficient based on micro-level grouped data of households and the dynamics of macroeconomic quantities. Our results indicate different effects on income inequality depending on the monetary policy measure under consideration: A traditional rate increase decreases income inequality, whereas a reduction of asset purchases leads to more inequality. Movements of inflation expectations and equity prices might account for theses differences.