Monetary Policy and Inequality

We analyze the distributional effects of monetary policy on income, wealth, and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987 to 2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We find that gains from softer monetary policy in terms of income, wealth, and consumption are monotonically increasing in ex ante income. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially nonlabor channels (e.g., leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality.     

Empoderamiento colectivo de los trabajadores en las redes de producción globalizadas: análisis retrospectivo de una oportunidad fallida

En este artículo se examina la capacidad de las ONG para empoderar colectivamente a los trabajadores en las redes de producción globalizadas, ejerciendo presión sobre las multinacionales para poner en marcha programas de elección de comités de empresa en las fábricas. La investigación empírica realizada entre 2012 y 2019 en el sur de China muestra que se logró movilizar a los trabajadores y potenciar su capacidad de acción, pero la continuidad de los programas se vio frustrada por la desigualdad estructural del sistema productivo, la falta de protección institucional de los representantes electos y el endurecimiento del régimen.     

Changing Supply Elasticities and Regional Housing Booms

Developments in U.S. house prices over the past decade mirror those of the 1996–2006 boom. Construction activity has, however, been weak. Using data for 254 U.S. metropolitan areas, we show that housing supply elasticities have fallen markedly in recent years. We find that housing supply elasticities have declined more in areas in which land-use regulation has tightened the most, and in areas that experienced the sharpest housing busts. Consistent with the declining housing supply elasticities, we find that monetary policy shocks have had a stronger effect on house prices during the past decade than during the previous boom. At the same time, building permits respond less.