{
  "title": "Distributional Effects of Monetary Policy",
  "publication": "IMF Working Papers, July 30, 2021",
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  "summary": "As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Title: Distributional Effects of Monetary Policy\n- Authors: Valentina Bonifacio, Luis Brandão-Marques, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz O Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, Hélène Poirson\n- Publication date: July 30, 2021\n- Series: IMF Working Papers, Working Paper No. 2021/201\n- Pages: 47\n- Volume: 2021\n- Issue: 201\n- DOI: https://doi.org/10.5089/9781513588858.001\n- Stock No: WPIEA2021201\n- ISBN: 9781513588858\n- ISSN: 1018-5941"
    },
    {
      "heading": "Central findings",
      "content": "- Central banks' extensive monetary loosening in response to the COVID-19 shock has raised concerns about impacts on inequality.\n- The relationship between rising inequality and monetary policy is complex and inequality has multiple causes.\n- The paper highlights the channels through which monetary policy easing affects income and wealth distribution and presents quantitative findings about their importance.\n- Key takeaways:\n  - (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and\n  - (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes."
    },
    {
      "heading": "Topics and channels examined",
      "content": "- Subject areas: Consumption, Income, Income distribution, Income inequality, Labor, National accounts, Wages\n- Keywords: A. central bank mandate, A. savings-redistribution channel, asset price channel, Caribbean, Consumption, easing affect income, Global, Income, Income distribution, Income inequality, Wages, wealth channel"
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Central banks: maintain focus on macro stability.\n- Communication: improve public communications about distributional effects of monetary policy.\n- Fiscal and structural policy: deploy supportive fiscal policies and structural reforms to improve both macroeconomic and distributional outcomes.\n\nIMF Working Paper — \"Distributional Effects of Monetary Policy\", July 30, 2021\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2021/07/30/distributional-effects-of-monetary-policy-461841"
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    "Authors: Valentina Bonifacio, Luis Brandao Marques, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz O Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, Hélène Poirson",
    "Published: July 30, 2021",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513588858.001",
    "Title: Distributional Effects of Monetary Policy",
    "Authors: Valentina Bonifacio, Luis Brandão-Marques, Balazs Csonto, Chiara Fratto, Philipp Engler, Davide Furceri, Deniz O Igan, Rui Mano, Machiko Narita, Murad Omoev, Gurnain Kaur Pasricha, Hélène Poirson",
    "Publication date: July 30, 2021",
    "Series: IMF Working Papers, Working Paper No. 2021/201",
    "Pages: 47",
    "Volume: 2021",
    "Issue: 201",
    "DOI: https://doi.org/10.5089/9781513588858.001",
    "Stock No: WPIEA2021201",
    "ISBN: 9781513588858",
    "ISSN: 1018-5941",
    "Central banks' extensive monetary loosening in response to the COVID-19 shock has raised concerns about impacts on inequality.",
    "The relationship between rising inequality and monetary policy is complex and inequality has multiple causes.",
    "The paper highlights the channels through which monetary policy easing affects income and wealth distribution and presents quantitative findings about their importance.",
    "Key takeaways:",
    "Subject areas: Consumption, Income, Income distribution, Income inequality, Labor, National accounts, Wages",
    "Keywords: A. central bank mandate, A. savings-redistribution channel, asset price channel, Caribbean, Consumption, easing affect income, Global, Income, Income distribution, Income inequality, Wages, wealth channel",
    "Central banks: maintain focus on macro stability.",
    "Communication: improve public communications about distributional effects of monetary policy.",
    "Fiscal and structural policy: deploy supportive fiscal policies and structural reforms to improve both macroeconomic and distributional outcomes.",
    "**Working Paper**"
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