Monetary policy and inequality from an inclusive and social banking perspective / política monetaria y desiguadad desde una perspectiva inclusiva y de banca social

Abstract

This doctoral thesis empirically evaluates the effects of monetary policy on income and wealth inequality in two of the main monetary areas of the world: the Eurozone and the United States. Moreover, in the case of the Eurozone, the interaction between the dynamics of income inequality and banking activity is evaluated, distinguishing between banking structures. Specifically, I empirically assess whether cooperative banks have a differential impact on the evolution of inequality with respect to other banking structures such as commercial banks or savings banks. Different macroeconometric (SVAR, Proxy SVAR) and microeconometric (simulations and estimations with panel data) methodologies have been used to conduct the empirical part of this study. All these econometric techniques are well documented and extensively explained in the corresponding articles.This doctoral thesis is a set of publications. After the introduction, the complete articles are presented in the annex. Specifically, the dissertation is composed by the following four articles that have already been published or accepted for publication at the date of submission of the dissertation: I.Albert, J. F., Gómez-Fernández, N., & Ochando, C. (2019). Effects of unconventional monetary policy on income and wealth distribution: Evidence from United States and Eurozone. Panoeconomicus, 66(5), 535-558. Published in Panoeconomicus (Journal indexed in Economics (JCR, Q4 and SJR, Q2)). II.Albert, J. F., Peñalver, A., & Perez-Bernabeu, A. (2020). The effects of monetary policy on income and wealth inequality in the US Exploring different channels. Structural Change and Economic Dynamics, 55, 88-106. Published in Structural Change and Economic Dynamics (Journal indexed in Economics (JCR, Q1 and SJR, Q2)). III.Albert, J. F. & Gómez-Fernández, N. (online-first). Monetary Policy and the redistribution of net worth in the U.S. Journal of Economic Policy Reform. DOI: 10.1080/17487870.2021.1895778. Accepted for publication in March 2021 (Journal indexed in Economics (JCR, Q2 and SJR, Q1)). IV. Albert, J. F. & Chaves, R. (2021). Estructura bancaria y desigualdad de renta. La banca cooperativa marca la diferencia. CIRIEC-España, revista de economía pública, social y cooperativa (Journal indexed in Economics (SJR, Q2) and Sociology and Political Science (SJR, Q1)).