{"title":"Does inflation targeting increase income inequality?","authors":"Yener Altunbaş, John Thornton","doi":"10.1080/01603477.2022.2101475","DOIUrl":null,"url":null,"abstract":"Abstract We contribute to the growing empirical literature on the impact of monetary policy on income distribution by focusing on the impact of adopting an inflation targeting (IT) regime to guide monetary policy. We assess the impact employing a panel of 121 advanced and developing economies, including 27 IT adopters, during the period 1971–2015. Our results suggest that IT adoption has contributed to greater inequality of household income as measured by the Gini coefficient and to a reduced share of GDP going to labor compensation. The results are robust to alternative estimation methodologies and to variations in the sample with respect to countries and data frequency.","PeriodicalId":47197,"journal":{"name":"Journal of Post Keynesian Economics","volume":null,"pages":null},"PeriodicalIF":0.6000,"publicationDate":"2022-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Post Keynesian Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/01603477.2022.2101475","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 2
Abstract
Abstract We contribute to the growing empirical literature on the impact of monetary policy on income distribution by focusing on the impact of adopting an inflation targeting (IT) regime to guide monetary policy. We assess the impact employing a panel of 121 advanced and developing economies, including 27 IT adopters, during the period 1971–2015. Our results suggest that IT adoption has contributed to greater inequality of household income as measured by the Gini coefficient and to a reduced share of GDP going to labor compensation. The results are robust to alternative estimation methodologies and to variations in the sample with respect to countries and data frequency.
期刊介绍：
The Journal of Post Keynesian Economics is a scholarly journal of innovative theoretical and empirical work that sheds fresh light on contemporary economic problems. It is committed to the principle that cumulative development of economic theory is only possible when the theory is continuously subjected to scrutiny in terms of its ability both to explain the real world and to provide a reliable guide to public policy.
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