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

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


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.

Texto completo:

PDF (English)           Cómo citar un elemento


Acemoglu, D. (1998): “Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality”, Quarterly Journal of Economics, 113, 1055-1089.

Acemoglu, D., Aghion, P., and Violante, G. L. (2001): “Deunionization, Technical Change and Inequality”, Carnegie-Rochester Conference Series on Public Policy, 55, 229-264.

Alesina, A., and Perotti, R. (1996): “Income Distribution, Political Instability, and Investment”, European Economic Review, 40, 1203-1228.

Alesina, A., and Rodrik, D. (1994): “Distributive Politics and Economic Growth”, Quarterly Journal of Economics, 109, 465-490.

Asteriou, D., Dimelis, S., and Moudatsou, A. (2014): “Globalization and Income Inequality: A Panel Data Econometric Approach for the EU27 Countries”, Economic Modelling, 36, 592-599.

Atkinson, A. B. (1970): “On the Measurement of Inequality”, Journal of Economic Theory, 2, 244-263.

Atkinson, A. B. (2008): “A Behavioural Model of Changing Pay Norms”, in A. B. Atkinson (ed.), The Changing Distribution of Earnings in OECD Countries, Oxford University Press, Oxford.

Auclert, A. (2015): “Monetary Policy and the Redistribution Channel”, NBER Working Paper No. 23451.

Autor, D. H., Katz, L. F., and Kearney, M. S. (2006): “The Polarization of the US Labor Market”, American Economic Review, 96, 189-194.

Bakija, J., Cole, A., and Heim, B. T. (2012): “Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from US Tax Return Data”, Williams College Working Paper.

Barba, A., and Pivetti, M. (2009): “Rising Household Debt: Its Causes and Macroeconomic Implications—A Long-Period Analysis”, Cambridge Journal of Economics, 33, 113-137.

Barro, R. J. (2000): “Inequality and Growth in a Panel of Countries”, Journal of Economic Growth, 5, 5-32.

Bastagli, F., Coady, D., and Gupta, S. (2012): “Income Inequality and Fiscal Policy”, IMF Discussion Note 12/08R.

Beck, N., and Katz, J. N. (1995): “What to Do (and Not to Do) With Time-Series Cross-Section Data”, American Political Science Review, 89, 634-647.

Beck, T., Demirgüç-Kunt, A., and Levine, R. (2007): “Finance, Inequality and the Poor”, Journal of Economic Growth, 12, 27-49.

Bergh, A., and Nilsson, T. (2010): “Do Liberalization and Globalization Increase Income Inequality?”, European Journal of Political Economy, 26, 488-505.

Bivens, J. (2015): “Gauging the Impact of the Fed on Inequality during the Great Recession”, Hutchins Center on Fiscal and Monetary Policy Working Paper No. 12.

Blanco, R., and Cabrero, A. (2005): “Las condiciones monetarias y financieras”, in Servicio de Estudios del Banco de España (ed.), El análisis de la economía española. Alianza Editorial, Madrid.

Bound, J., and Johnson, G. (1992): “Changes in the Structure of Wages in the 1980s: An Evaluation of Alternative Explanations”, American Economic Review, 83, 371-392.

Bullard, J. (2014): “Income Inequality and Monetary Policy: A Framework With Answers to Three Questions”, speech at C. Peter McColough Series on International Economics, Council on Foreign Relations. New York.

Card, D. (2001): “The Effect of Unions on Wage Inequality in the U.S”, Labor Market. Industrial and Labor Relations Review, 54, 296-315.

Card, D., and DiNardo, J. E. (2002): “Skill-Biased Technological Change and Rising Wage Inequality: Some Problems and Puzzles”, Journal of Labor Economics, 20, 733-783.

Cloyne, J., and Hürtgen, P. (2016): “The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom”, American Economic Journal: Macroeconomics, 8, 75-102.

Coeuré, B. (2012): “What Can Monetary Policy Do About Inequality?”, speech at International Day for the Eradication of Poverty, Intergroup ‘Extreme Poverty and Human Rights, Fourth World Committee. event, European Parliament. Brussels.

Coibion, O, Gorodnichenko, Y., Kueng, L., and Silvia, J. (2017): “Innocent Bystanders? Monetary Policy and Inequality”, Journal of Monetary Economics, 88, 70-89.

Dabla-Norris, E., Kochhar, K., Suphaphiphat, N., Ricka, F., and Tsounta, E. (2015): “Causes and Consequences of Income Inequality: A Global Perspective”, IMF Discussion Note SDN/15/13.

Daly, M., Wilson, M., and Vasdev, S. (2001): “Income Inequality and Homicide Rates in Canada and the United States”, Canadian Journal of Criminology, 43, 219-236.

De Haan, J., and Eijffinger, S. (2017): “Central Bank Independence under Threat?”, CEPR Policy Insight 87.

De Maio, F. G. (2007): “Income Inequality Measures”, Journal of Epidemiology and Community Health, 61, 849-852.

Denk, O., and Cournède, B. (2015): “Finance and Income Inequality in OECD Countries”, OECD Economics Department Working Paper No. 1224.

Dickens, E. (2016): The Political Economy of U.S. Monetary Policy, Roudledge, New York.

DiNardo, J., Fortin, N. M., and Lemieux, T. (1996): “Labor Market Institutions and the Distribution of Wages, 1973-1992: A Semiparametric Approach”, Econometrica, 64, 1001-1044.

Doepke, M., Schneider, M., and Selezneva, V. (2015): “Distributional Effects of Monetary Policy”, Hutchins Center on Fiscal and Monetary Policy Working Paper No. 14.

Domanski, D., Scatigna, M. and Zabai, A. (2016): “Wealth Inequality and Monetary Policy”, BIS Quarterly Review, March, 45-61.

Draghi, M. (2016): “Stability, Equity and Monetary Policy”, speech at 2nd DIW Europe Lecture. German Institute for Economic Research (DIW – Deutsches Institut für Wirtschaftsforschung), Berlin.

Fajnzylber, P., Lederman, D., and Loayza, N. (2002): “Inequality and Violent Crime”, Journal of Law and Economics, 45, 1-39.

Fazzari, S. M. (1993): “Monetary Policy, Financial Structure, and Investment”, in G. A. Dymski, G. Epstein, and R. Pollin (ed.), Transforming the U.S. Financial System, M.E. Shape, New York.

Feenstra, R. C., and Hanson, G. H. (2001): “Global Production Sharing and Rising Inequality: A Survey of Trade and Wages”, NBER Working Paper No. 8372.

Forbes, K. J. (2000): “A Reassessment of the Relationship between Inequality and Growth”, American Economic Review, 90, 869-887.

Furceri, D., Loungani, P., and Zdzienicka, A. (2018): “The Effects of Monetary Policy Shocks on Inequality”, Journal of International Money and Finance, 85, 168-186.

Greene, W. H. (2012): Econometric Analysis, Prentice Hall, Upper Saddle River.

Iacovello, M. (2008): “Household Debt and Income Inequality, 1963–2003”, Journal of Money, Credit and Banking, 40, 929-965.

Jaumotte, F., Lall, S., and Papageorgiou, C. (2013): “Rising Income Inequality: Technology, or Trade and Financial Globalization?”, IMF Economic Review, 61, 271-309.

Joumard, I., Pisu, M., and Bloch, D. (2012): “Tackling Income Inequality: the Role of Taxes and Transfers”, OECD Journal: Economic Studies, Vol. 2012/1.

Katz, L. F., and Murphy, K. M. (1992): “Changes in Relative Wages, 1963– 1987: Supply and Demand Factors”, Quarterly Journal of Economics, 107, 35–78.

Kawachi, I., and Kennedy, B. P. (1997): “Health and Social Cohesion: Why Care about Income Inequality?”, British Medical Journal, 314, 1037-1040.

Kawachi, I., and Kennedy, B. P. (1999): “Income Inequality and Health: Pathways and Mechanisms”, Health Services Research, 34, 215-227.

Krusell, P., Ohanian, L. E., Rios-Rull, J. V., and Violante, G. L. (2000): “Capital? Skill Complementarity and Inequality: A Macroeconomic Analysis”, Econometrica, 68, 1029-1053.

Lin, K. L., and Tomaskovic-Devey, D. (2013): “Financialization and US Income Inequality, 1970–2008”, American Journal of Sociology, 118, 1284- 1329.

Lynch, J. W., Smith, G. D., Kaplan, G. A., and House, J. S. (2000): “Income Inequality and Mortality: Importance to Health of Individual Income, Psychosocial Environment, or Material Conditions”, BMJ: British Medical Journal, 320, 1200-1204.

Martín-Legendre, J. I. (2018): “The Challenge of Measuring Poverty and Inequality: A Comparative Analysis of the Main Indicators”, European Journal of Government and Economics 7, 24-43

Meschi, E., and Vivarelli, M. (2009): “Trade and Income Inequality in Developing Countries”, World Development, 37, 287-302.

Mumtaz, H., and Theophilopoulou, A. (2017): “The Impact of Monetary Policy on Inequality in the UK. An Empirical Analysis”, European Economic Review, 98, 410-423.

Neapolitan, J. L. (1999): “A Comparative Analysis of Nations with Low and High Levels of Violent Crime”, Journal of Criminal Justice, 27, 259-274.

OECD (2009): “Growing Unequal?: Income Distribution and Poverty in OECD Countries”, OECD Publishing, Paris.

OECD (2012): “Divided We Stand: Why Inequality Keeps Rising”, OECD Publishing, Paris.

OECD (2013): “Crisis Squeezes Income and Puts Pressure on Inequality and Poverty: Results from the OECD Income Distribution Database”, OECD Publishing, Paris.

OECD (2014a): “Focus on Top Incomes and Taxation in OECD Countries: Was the Crisis a Game Changer?”, OECD Publishing, Paris.

OECD (2014b): “Rising Inequality: Youth and Poor Fall Further Behind”, OECD Publishing, Paris.

OECD (2014c): “Trends in Income Inequality and its Impact on Economic Growth”, OECD Publishing, Paris.

Palma, J. G. (2011): “Homogeneous Middles vs. Heterogeneous Tails, and the End of the ‘Inverted-U’: It’s All About the Share of the Rich”, Development and Change, 42, 87-153.

Panetta, F. (2015): “The Distributional Consequences of Monetary Policy”, remarks at the Netherlands Bank. Amsterdam.

Passamani, G., and Tamborini, R. (2007): “Monetary Policy with Firms’ Bank Dependence and Default Risk”, in P. Arestis, and G. Zezza (ed.), Advances in Monetary Policy and Macroeconomics, Palgrave MacMillan, New York.

Paz-Pardo, G., and Sánchez-Santos, J. M. (2014): “Household Debt and Consumption Inequality: The Spanish Case”, Economies, 2, 147-170.

Persson, T., and Tabellini, G. (1994): “Is Inequality Harmful For Growth?”, American Economic Review, 84, 600-621.

Philippon, T., and Reshef, A. (2007). “Skill Biased Financial Development: Education, Wages and Occupations in the US Financial Sector”, NBER Working Paper No. 13437.

Piketty, T., and Saez, E. (2006): “The Evolution of Top Incomes: A Historical and International Perspective”, American Economic Review, 96, 200-205.

Prais, S., and Winsten, C. (1954): “Trend Estimation and Serial Correlation”, Cowles Commission Discussion Paper No. 383.

Putnam, R. D. (2001): Bowling Alone: The Collapse and Revival of American Community, Simon & Schuster, New York.

Rajan, R. G. (2011): Fault Lines: How Hidden Fractures Still Threaten the World Economy, Princeton University Press, Princeton.

Saiki, A., and Frost, J. (2014): “Does Unconventional Monetary Policy Affect Inequality? Evidence from Japan”, Applied Economics, 46, 4445-4454.

Stiglitz, J. E. (2012): The Price of Inequality: How Today’s Divided Society Endangers our Future, W.W. Norton & Company, New York.

Van Arnum, B. M., and Naples, M. I. (2013): “Financialization and Income Inequality in the United States, 1967–2010”, American Journal of Economics and Sociology, 72, 1158-1182.

Wilkinson, R. G. (1997): “Socioeconomic Determinants of Health. Health inequalities: Relative or Absolute Material Standards?”, BMJ: British Medical Journal, 314, 591-595.

Wood, A. (1995): “How Trade Hurt Unskilled Workers”, Journal of Economic Perspectives, 9, 57-80.

Yellen, J. (2014): “Perspectives on Inequality and Opportunity from the Survey of Consumer Finances”, speech at the Conference on Economic Opportunity and Inequality, Federal Reserve Bank of Boston.


Enlaces refback

  • No hay ningún enlace refback.

Copyright (c) 2020 Creative Commons (CC-BY)

e-ISSN:2340-4264   -   ISSN: 1576-0162

Entidad editoraUniversidad de Huelva. Servicio de Publicaciones.

Licencia de usoCreative Commons 4.0