BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 17/2015:
Estimating the impact of monetary policy on inequality in China
José R. Sánchez-Fung ()
Abstract: The paper estimates the impact of monetary policy on
income inequality in China. The empirical modelling finds that a battery of
monetary indicators, including a monetary overhang measure derived from a
money demand equation, and the change in the unemployment rate lead to
increases in the Gini coefficient. However, only unemployment is
statistically significant. The lack of significance of the monetary
indicators is robust to alternative specifications with variability in
nominal aggregate demand instead of unemployment.
Keywords: monetary policy; inequality; inflation; unemployment; China; (follow links to similar papers)
JEL-Codes: D31; E52; (follow links to similar papers)
13 pages, May 13, 2015
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