关于货币政策冲击的收入分配效应的五个事实

中文摘要

我们利用瑞典个体层面的行政数据，记录了关于货币政策冲击的收入分配效应的五个事实。(i) 货币政策冲击的效应在收入分布上呈U形，即扩张性冲击使高收入和低收入个体的收入相对于中等收入个体的收入有所提高。(ii) 收入分布底部的较大效应由劳动收入反应解释；(iii) 收入分布顶部的较大效应由资本收入反应解释。(iv) 劳动收入反应的异质性源于劳动收入异质性渠道；(v) 资本收入反应的异质性则源于收入构成渠道。（JEL D31, E32, E52, J31）

Abstract

We document five facts about the distributional income effects of monetary policy shocks using Swedish administrative individual-level data. (i) The effects of monetary policy shocks are U shaped over the income distribution—that is, expansionary shocks increase the incomes of high- and low-income individuals relative to middle-income individuals. (ii) The large effects in the bottom are accounted for by the labor-income response and (iii) those in the top by the capital-income response. (iv) The heterogeneity in the labor-income response is due to the earnings heterogeneity channel, whereas (v) that in the capital-income response is due to the income composition channel. (JEL D31, E32, E52, J31)