2023-09-28 14:46:10 +00:00
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abstract: 'Previous work on the politics of monetary policy has focused on the role
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of distributive motives stemming from individual characteristics such as
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income or factoral/sectoral interests in citizens'' formation of monetary
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policy preferences. However, the existing literature has paid little
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attention to how a country''s overall distributive context, namely, its
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level of economic inequality, affects citizens'' preferences vis-a-vis
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price stability and employment. This article argues that as inequality
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pushes more citizens below a society''s average income, there is more
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demand for redistribution through higher employment and increased fiscal
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spending, each of which can be better supported by expansionary monetary
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policy. This means that inequality makes citizens more tolerant of
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inflation. This study uses the International Social Survey Program, the
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Integrated Values Surveys, and the Comparative Study of Electoral
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Systems, which together include 293,100 respondents from 53 countries
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between the years 1976 and 2016 to demonstrate that overall, inequality
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significantly moderates citizens'' inflation aversion.'
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affiliation: 'Kim, H (Corresponding Author), Michigan State Univ, 220 Trowbridge Rd,
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E Lansing, MI 48824 USA.
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Kim, Hyunwoo, Michigan State Univ, 220 Trowbridge Rd, E Lansing, MI 48824 USA.'
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author: Kim, Hyunwoo
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author-email: hwkim@msu.edu
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author_list:
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- family: Kim
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given: Hyunwoo
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da: '2023-09-28'
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doi: 10.1111/ecpo.12210
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earlyaccessdate: FEB 2022
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eissn: 1468-0343
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files: []
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issn: 0954-1985
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journal: ECONOMICS \& POLITICS
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keywords: Central Bank; inequality; macroeconomic policy; populism; redistribution
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keywords-plus: 'MONETARY-POLICY; INCOME-DISTRIBUTION; POLITICAL-ECONOMY; REDISTRIBUTION;
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PREFERENCES; DYNAMICS; DEMAND; CONSEQUENCES; UNEMPLOYMENT; TAXATION'
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language: English
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month: MAR
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number: '1'
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number-of-cited-references: '106'
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orcid-numbers: Kim, Hyunwoo/0000-0001-9395-2710
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pages: 65-96
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papis_id: 25631acee61490e9cb09e6550ddc19dc
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ref: Kim2023microfoundationmacro
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researcherid-numbers: Kim, Hyunwoo/AGZ-1861-2022
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times-cited: '6'
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title: 'The microfoundation of macroeconomic populism: The effects of economic inequality
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on public inflation aversion'
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2023-10-01 08:15:07 +00:00
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type: article
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2023-09-28 14:46:10 +00:00
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unique-id: WOS:000749612000001
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usage-count-last-180-days: '1'
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usage-count-since-2013: '6'
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volume: '35'
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web-of-science-categories: Economics; Political Science
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year: '2023'
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