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DC Field | Value | Language |
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dc.contributor.author | Evgenidis, A | - |
dc.contributor.author | Fasianos, A | - |
dc.date.accessioned | 2024-01-18T12:44:25Z | - |
dc.date.available | 2024-01-18T12:44:25Z | - |
dc.date.issued | 2020-08-27 | - |
dc.identifier | ORCID iD: Apostolos Fasianos https://orcid.org/0000-0001-9811-7669 | - |
dc.identifier.citation | Evgenidis, A. and Fasianos, A. (2021) 'Unconventional Monetary Policy and Wealth Inequalities in Great Britain', Oxford Bulletin of Economics and Statistics, 83 (1), pp. 115 - 175. doi: 10.1111/obes.12397. | en_US |
dc.identifier.issn | 0305-9049 | - |
dc.identifier.uri | https://bura.brunel.ac.uk/handle/2438/28037 | - |
dc.description | Acknowledgement: ... We are thankful to the UK Data Service for updating the WAS data with relevant information that allowed us to construct the inequality series employed in this study. Without their help, our analysis would not be feasible. | en_US |
dc.description.abstract | This paper explores whether unconventional monetary policy operations have redistributive effects on household wealth. Drawing on household balance sheet data from the Wealth and Asset Survey, we construct monthly time series indicators on the distribution of different asset types held by British households for the period that the monetary policy switched, as the policy rate reached the zero-lower bound. Using this series, we estimate the response of wealth inequalities on monetary policy, taking into account the effect of unconventional policies conducted by the Bank of England in response to the Global Financial Crisis. Our evidence reveals that unconventional monetary policy shocks have significant and lingering effects on wealth inequality: the shock raises wealth inequality across households, as measured by their Gini coefficients, percentile shares and other standard inequality indicators. Additionally, we explore the effects of different transmission channels simultaneously. We find that the portfolio rebalancing channel and house price effects widen the wealth gap, outweighing the counterbalancing impact of the savings redistribution and inflation channels. The findings of our analysis help to raise awareness of central bankers about the redistributive effects of their monetary policy decisions. | en_US |
dc.format.extent | 115 - 175 | - |
dc.format.medium | Print-Electronic | - |
dc.language | English | - |
dc.language.iso | en_US | en_US |
dc.publisher | Wiley on behalf of The Department of Economics, University of Oxford | en_US |
dc.rights | Copyright © 2020 The Department of Economics, University of Oxford and John Wiley & Sons Ltd. This is the peer reviewed version of the following article: Evgenidis, A. and Fasianos, A. (2021), Unconventional Monetary Policy and Wealth Inequalities in Great Britain*. Oxf Bull Econ Stat, 83: 115-175., which has been published in final form at https://doi.org/10.1111/obes.12397. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions (https://authorservices.wiley.com/author-resources/Journal-Authors/licensing/self-archiving.html). | - |
dc.rights.uri | https://authorservices.wiley.com/author-resources/Journal-Authors/licensing/self-archiving.html | - |
dc.subject | monetary policy | en_US |
dc.subject | quantitative easing | en_US |
dc.subject | wealth inequality | en_US |
dc.subject | household portfolios | en_US |
dc.subject | VAR | en_US |
dc.subject | survey data | en_US |
dc.title | Unconventional Monetary Policy and Wealth Inequalities in Great Britain | en_US |
dc.type | Article | en_US |
dc.identifier.doi | https://doi.org/10.1111/obes.12397 | - |
dc.relation.isPartOf | Oxford Bulletin of Economics and Statistics | - |
pubs.issue | 1 | - |
pubs.publication-status | Published | - |
pubs.volume | 83 | - |
dc.identifier.eissn | 1468-0084 | - |
dc.rights.holder | The Department of Economics, University of Oxford and John Wiley & Sons Ltd. | - |
Appears in Collections: | Dept of Economics and Finance Research Papers |
Files in This Item:
File | Description | Size | Format | |
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FullText.pdf | Copyright © 2020 The Department of Economics, University of Oxford and John Wiley & Sons Ltd. This is the peer reviewed version of the following article: Evgenidis, A. and Fasianos, A. (2021), Unconventional Monetary Policy and Wealth Inequalities in Great Britain*. Oxf Bull Econ Stat, 83: 115-175., which has been published in final form at https://doi.org/10.1111/obes.12397. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions (https://authorservices.wiley.com/author-resources/Journal-Authors/licensing/self-archiving.html). | 6.83 MB | Adobe PDF | View/Open |
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