Event start date: 12.03.2021 16:00

On 12 March 2021, the National Bank of Ukraine hosted an open research seminar, during which Anna Samarina (De Nederlandsche Bank) presented the research paper "Does monetary policy affect income inequality in the euro area?". In this research, the author examines how monetary policy affects income inequality in 10 euro area countries over the period 1999–2014 distinguishing macroeconomic and financial channels through which monetary policy may have distributional effects.

Findings suggest that expansionary monetary policy in the euro area reduces income inequality, especially in the periphery countries. The macroeconomic channel leads to these equalizing effects: monetary easing reduces income inequality by raising wages and employment. However, there is some indication that the financial channel may weaken the equalizing effect of expansionary monetary policy.

Materials from the seminar are available via links below.