英国的货币政策和财富不平等：评估非常规政策对十年家庭数据的作用
Monetary Policy and Wealth Inequalities in Great Britain: Assessing the role of unconventional policies for a decade of household data
摘要：
本文探讨了非常规货币政策操作是否对家庭财富具有再分配效应。利用财富和资产调查的家庭资产负债表数据，我们构建了关于英国家庭在政策利率达到零下限时（2006-2016年）货币政策转换期间持有的不同资产类型分布的月度时间序列指标。利用这一系列数据，我们估计了财富不平等对货币政策的反应，并考虑了英国央行为应对全球金融危机而实施的非常规政策的影响。我们的证据表明，非常规货币政策冲击对财富不平等具有显著的长期影响：资产购买形式的扩张性货币政策会增加家庭间的财富不平等，这可以通过净财富、住房财富和金融财富的基尼系数来衡量。我们分析的证据有助于提高中央银行家对其货币政策决策的再分配效应的认识。
英文摘要：
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 (2006-2016). 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 long-lasting effects on wealth inequality: an expansionary monetary policy in the form of asset purchases raises wealth inequality across households, as measured by their Gini coefficients of net wealth, housing wealth, and financial wealth. The evidence of our analysis helps to raise awareness of central bankers about the redistributive effects of their monetary policy decisions.
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