The Income Distribution Effect of Monetary Policy from a Global Perspective——Based on Empirical Study from 125 Countries and Areas
Monetary policy does not aim to alleviate income distribution gaps,but the recent rise of related theoretical studies has found it to have direct or indirect income distribution effects.This paper empirically analyzes the income distributional effects of monetary policy by selecting panel data for 125 countries and regions for the period 1980-2021,and conduct a comparative analysis with examples from China,Japan,and Korea.The results show that expansionary monetary policy helps to reduce the income gap,and that the effect of quantitative-based monetary policy is more significant than that of price-based monetary policy.Labor income posi-tively moderates the relationship between quantitative-based monetary policy and the income gap.Whereas inflation positively mod-erates the relationship between quantitative-based monetary policy and the income gap,but negatively moderates the relationship be-tween price-based monetary policy and the income gap.In addition,an increase in the level of fiscal redistribution contributes to the effect of expansionary monetary policy in reducing the income gap.
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