货币政策对经济不平等的影响评述

A Review of the Effect of Monetary Policy on Economic Inequality

经济不平等问题是一个全球性难题,一方面其表现为增量维度上的收入不平等,另一方面则对应于存量维度上的财富不平等。文献回顾表明,货币政策可以通过多种途径影响收入不平等和财富不平等。货币政策不仅可在长期内通过长期通货膨胀水平、总需求波动水平和经济增长作用于经济不平等,也可在短期内通过失业率、国民收入结构等实际变量和利率、通货膨胀率、资产价格等价格变量的变化影响经济不平等。不仅如此,货币政策本身的过程性使扩张性货币政策具有促使贫者愈贫、富者愈富的"马太效应",而货币政策对产出的非对称效应也导致经济不平等程度在货币政策扩张和紧缩的交替实施中逐渐累积。综合考虑上述影响,有助于对"货币政策是否适用于缩小经济不平等"这一问题做出科学的判断。

Economic inequality is a global problem, which contains income inequality and wealth inequality. Literature review shows that monetary policy can affect income inequality and wealth inequality through various channels . on the one hand, monetary policy can affect economic inequality through long - term inflation, volatility of aggregate demand and economic growth in the long run ; on the other hand, monetary policy can also affect economic inequality through real variables such as unemployment, national income structure and price variables such as interest rate, inflation rate, and asset prices in the short run. Moreover, due to its process property, expansionary monetary policy has contributed to the ＂Matthew effect＂, and the asymmetric effect of monetary policy on output also led to economic inequality accumulates in the alternative implementation of expansionary and contractionary monetary policy. Taking all the above effects into consideration may help us to answer the question that whether monetary policy is fit for narrowing economic inequality.