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전망·동향
Unconventional Monetary Policy Shocks and their Distributional Implications
CEPR
2024.06.18
We identify a novel series of unconventional monetary policy shocks for the U.S. by combining Romer and Romer’s narrative identification strategy with Wu and Xia’s shadow federal funds rate. This yields a unified metric of monetary shocks during the zero-lower bound period. We find that unconventional monetary policy is effective in stimulating the economy, but comes at the cost of higher wealth inequality. In particular, stock prices rise more than house prices, benefiting wealthier households over the middle class.