2023-09-28 14:46:10 +00:00
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abstract: 'Unconventional monetary policy (UMP) influences inequality through two
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channels that work in opposite directions - a labour market channel
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(more employment, higher wages) and a financial market channel (higher
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asset prices). In an earlier paper, covering UMP through 2014, we found
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that UMP in Japan had contributed to greater income inequality through
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its effects on asset prices. With a longer time period, a richer dataset
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including labour market data, and a structural vector autoregression
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(SVAR) we confirm that these results continue to hold, and investigate
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why UMP''s impact on inequality in Japan differs from some other
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countries. We argue that Japanese structural issues may mute the labour
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market channel, especially: (i) labour market rigidity; and (ii) the
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large share of the population that is older than 65 years old or
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retired. The older cohort''s capital gains and dividends are re-saved in
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other financial assets, instead of being consumed or used for starting
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businesses. At the same time, wages have not increased despite the
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severe labour shortage, due to the frictions in Japan''s labour market.
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We conclude that these factors may make the inequality created by UMP in
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Japan unique by international comparison.'
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affiliation: 'Saiki, A (Corresponding Author), Nihon Univ, Coll Econ, Tokyo, Japan.
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Saiki, Ayako, Nihon Univ, Coll Econ, Tokyo, Japan.
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Frost, Jon, Bank Int Settlements BIS, Basel, Switzerland.
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Frost, Jon, Nederlandsche Bank, Amsterdam, Netherlands.
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Frost, Jon, Cambridge Ctr Alternat Finance, Cambridge, England.'
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author: Saiki, Ayako and Frost, Jon
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author-email: ayako@brandeis.edu
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author_list:
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- family: Saiki
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given: Ayako
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- family: Frost
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given: Jon
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da: '2023-09-28'
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doi: 10.1080/00036846.2020.1745748
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earlyaccessdate: JUL 2020
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eissn: 1466-4283
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files: []
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issn: 0003-6846
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journal: APPLIED ECONOMICS
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keywords: 'Central banks; monetary policy; personal income; income distribution;
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Japan'
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language: English
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month: SEP 19
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number: '44'
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number-of-cited-references: '40'
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pages: 4809-4821
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papis_id: d71e1a371b44726ae2d5786673fdcbea
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ref: Saiki2020unconventionalmoneta
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researcherid-numbers: Saiki, Ayako/GQQ-0202-2022
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times-cited: '2'
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title: 'Unconventional monetary policy and inequality: is Japan unique?'
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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:000547673100001
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usage-count-last-180-days: '0'
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usage-count-since-2013: '11'
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volume: '52'
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web-of-science-categories: Economics
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year: '2020'
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