Journal of Economic Policy Reform
Special Issue Call for Papers
Deadline: 31 May 2019
Distributive Effects of Monetary Policy
In recent years the increasing income and wealth inequality in a large set of countries has risen to the forefront of public debate and has placed the question of inequality at the core of the economic analysis. Many studies have investigated the drivers of inequality in order to facilitate policy-making and recommend policy positions. Globalization, skill-biased technological progress, demographic tendencies, institutional changes in labour market, financialisation of economic activity or the low ability of the tax-benefit systems to reduce market income inequality are some of the major drivers addressed in the literature
Although the widening of income and wealth inequality is a long-term trend and primarily the result of deep structural changes, the growing within-country inequality has been intensified during and after the Great Recession in a number of economies. Since 2008, as a response to the crisis, most major central banks have implemented unprecedented monetary easing measures through conventional interest rate cuts and through unconventional measures, such as forward guidance about intended future monetary policy actions, long-maturity lending and asset purchases
Although monetary policy is focused on stability, its decisions are not neutral for income and wealth inequality. In fact, a number of authors ranging across a wide spectrum has suggested tight links between policy monetary and inequality, arguing various theoretical channels through which monetary policy can affect income and wealth inequality, both through financial markets and affecting the general macroeconomic environment. Moreover, from a policy-making perspective, over the past few years the distributive effects of monetary policy has also drawn the attention of significant central bankers, assessing possible effects of their monetary policy decisions.
Given the current interest in the role of conventional and unconventional monetary policy in affecting inequality, this special issue will publish high-quality articles on the effects of monetary policy on income and wealth distribution, with a blend of theoretical insights and empirical evidence, for both economically advanced and developing countries.
- Deadline for full papers submissions: 31 May 2019
- Submitted articles should clearly show their policy relevance and should be based on a solid conceptual framework and convincing empirical evidence.
- Please consult the Journal's Instructions for Authors page prior to submitting.
- Submissions should be made using the Journal of Economic Policy Reform's online submission system. Contributors should clearly indicate that the paper is submitted to the Special Issue on Distributive Effects of Monetary Policy.
- Publication date: First semester of 2020