Monetary Policy and Income Distribution: Empirical Evidence for the EU-15

Juan Ignacio Martín-Legendre, Pablo Castellanos-García, José Manuel Sánchez-Santos

Resumen


Este artículo presenta una investigación empírica sobre cómo la política monetaria puede afectar a la distribución del ingreso. Tras describir los canales a través de los cuales la política monetaria puede tener un impacto en la distribución de la renta, se realiza un análisis para un panel de 15 países de la UE (Unión Europea) que abarca el período 1995-2014. Los resultados evidencian una relación positiva significativa entre los tipos de interés reales y la desigualdad de ingresos medida como el coeficiente de Gini. Sin embargo, esta relación sólo es significativa a medio plazo, pero no a corto plazo. Nuestros resultados plantean que los bancos centrales tengan en consideración los efectos redistributivos de la política monetaria.


Palabras clave


coeficiente de Gini; desigualdad de ingresos; política monetaria; análisis de datos panel; tipos de interés reales.

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DOI: http://dx.doi.org/10.33776/rem.v0i55.3820

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