Events

Research Seminar with Dr. Giorgio Ricchiuti: Monetary policy and inequality in a agent-based approach

4th Dec 2024 4pm - 5:30pm

Greenwich Campus

QA265

You are invited to join the upcoming research seminar featuring Dr. Giorgio Ricchiuti from University of Florence on 4th December 2024.

Dr Ricchiuti will be discussing "Monetary policy and inequality in a agent-based approach".

Please find the abstract below. The link to the paper can be found here.

"In this paper, we study the impact of contractionary monetary policies on personal income inequality. By developing an Agent Based – Stock Flow Consistent model, we show that both the sign and magnitude of monetary policy impacts depend on the heterogeneity characterizing income sources across the population, the composition of households wealth and portfolio preferences, the value of the labor share, and the size of unemployment benefits. Monetary policy can affect inequality through four main transmission channels: saving remuneration, asset prices, aggregate demand and cost-push channels. The paper delivers five main results: i) the impact of monetary policy on income inequality is non-linear and is a function of the degree of symmetry in the distribution of firms and bank shares, markup, and unemployment benefits; ii) the magnitude of the impact is not independent of the inequality measure considered; iii) the short-run effects on wealth inequality due to capital gains and losses (CGL) on long-term bonds are positively correlated with the degree of heterogeneity in the portfolio preferences of households. In the long-run, such effect vanishes. The short-run effect is null in the case of zero heterogeneity; iv) If the monetary shock has an asymmetric impact on portfolio decisions, monetary policy can have a long-lasting impact on wealth inequality through the CGLs in the stock market. In the presence of symmetric shocks, CGLs in the stock market have no effect, neither in the short nor in the long term; v) the higher the labor share, the greater the impact of monetary policy on inequality. Finally, we adopt the income factor decomposition to disentangle how income heterogeneity affect the transmission channels of monetary policies."

We look forward to seeing you there!

CURRENT STAFF; CURRENT STUDENTS; GENERAL PUBLIC; RESEARCH COMMUNITY

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