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