우리나라 통화정책 충격이 소득 및 소비 불평등에 미치는 영향

초록

This paper examines the impacts of monetary policy shocks on income and consumption inequality, as well as their transmission channels in Korea. To do so, we first identify monetary policy shocks using a narrative approach that incorporates the information considered across monetary policy decision meetings. In addition, we construct various income and consumption inequality indicators using micro-level data from the Household Income and Expenditure Survey. Then, using these variables, we estimate the VAR models to examine the effects of monetary policy shocks on inequality. The results show that a contractionary monetary policy shock significantly exacerbates income inequality. However, its impact on consumption inequality is found to be relatively limited or less significant compared to that on income inequality.

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