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2019, vol. 66, br. 3, str. 307-324
Effects of monetary policy shocks on income mobility in the Euro area countries
(naslov ne postoji na srpskom)
aUniversity of Malaga, Spain
bUniversity of Malaga, PhD Program in Economics and Business, Spain

e-adresabarcenae@uma.es, nmartinfuentes@uma.es, sperezmoreno@uma.es
Ključne reči: Monetary policy; Income mobility; Income distribution; Euro area
Sažetak
(ne postoji na srpskom)
This paper examines the impacts of monetary policy shocks on income mobility in the Euro area, relying on earnings heterogeneity and income composition channels through which monetary policy affects income distribution. From a relative mobility perspective, upward and downward mobility are estimated over the period 2004-2014 for the EMU countries that originated the Economic and Monetary Union (EMU 1999). By using a vector error correction model (VECM) approach, overall we find that an expansionary monetary policy seems to encourage upward mobility and discourage downward mobility. By income groups, a loose monetary policy appears to reduce downward mobility for the upper class, while no empirical evidence can be provided to support that monetary policy shocks alter upward mobility for the lower class. Monetary policy shocks are especially favourable for the middle class as an expansionary monetary policy seems to boost upward mobility. A detailed analysis of the middle class shows that an expansionary monetary policy may propel the upward mobility and hinder the downward mobility of the lower-middle class, particularly favouring this income group.
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O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.2298/PAN1903307B
objavljen u SCIndeksu: 19.07.2019.
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