The effects of uncertainty shocks on income and wealth inequality

References

• Acemoglu, D. 2002. “Technical Change, Inequality, and the Labor Market.” Journal of Economic Literature 40 (1): 7–72. https://doi.org/10.1257/jel.40.1.7.
   Web of Science ®Google Scholar
• Ahir, H., N. Bloom, and D. Furceri. 2022. The World Uncertainty Index (No. w29763). National bureau of economic research.
   Google Scholar
• Albert, J. F., and N. Gómez-Fernández. 2021. “The Impact of Economic and Policy Uncertainty Shocks in Spain.” Journal of Economic Policy Reform 24 (2): 270–291. https://doi.org/10.1080/17487870.2020.1760100.
   Web of Science ®Google Scholar
• Albert, J. F., and N. Gómez-Fernández. 2022. “Monetary Policy and the Redistribution of Net Worth in the US.” Journal of Economic Policy Reform 25 (4): 420–434. https://doi.org/10.1080/17487870.2021.1895778.
   Web of Science ®Google Scholar
• Auclert, A. 2019. “Monetary Policy and the Redistribution Channel.” American Economic Review 109 (6): 2333–2367. https://doi.org/10.1257/aer.20160137.
   Web of Science ®Google Scholar
• Autor, D. H., and D. Dorn. 2013. “The Growth of Low-Skill Service Jobs and the Polarization of the U.S. Labor Market.” American Economic Review 103 (5): 1533–1597. https://doi.org/10.1257/aer.103.5.1553.
   Web of Science ®Google Scholar
• Azqueta-Gavaldon, A., D. Hirschbühl, L. Onorante, and L. Saiz. 2020. “Economic Policy Uncertainty in the Euro Area: An Unsupervised Machine Learning Approach.” SSRN Electronic Journal. Available at SSRN 3516756. https://doi.org/10.2139/ssrn.3516756.
   Google Scholar
• Baker, S. R., N. Bloom, and S. J. Davis. 2016. “Measuring Economic Policy Uncertainty.” The Quarterly Journal of Economics 131 (4): 1593–1636. https://doi.org/10.1093/qje/qjw024.
   Web of Science ®Google Scholar
• Benhabib, J., and A. Bisin. 2018. “Skewed Wealth Distributions: Theory and Empirics.” Journal of Economic Literature 56 (4): 1261–1291. https://doi.org/10.1257/jel.20161390.
   Web of Science ®Google Scholar
• Bentolila, S., F. Felgueroso, M. Jansen, and J. F. Jimeno. 2021. “Lost in Recessions: Youth Employment and Earnings in Spain.” Lost in Recessions: Youth Employment and Earnings in Spain SERIEs 13 (1–2): 1–39. https://doi.org/10.1007/s13209-021-00244-6.
   Google Scholar
• Blanchard, O. J. 1995. “Macroeconomic Implications of Shifts in the Relative Demand for Skills.” Economic Policy Review 1 (1): 48–53.
   Google Scholar
• Bloom, N. 2009. “The Impact of Uncertainty Shocks.” Econometrica 77 (3): 623–685.
   Web of Science ®Google Scholar
• Bonasia, M., R. R. Canale, G. Liotti, and N. Spagnolo. 2016. “Trust in Institutions and Income Inequality in the Eurozone: The Role of the Crisis.” Engineering Economics 27 (1): 4–12. https://doi.org/10.5755/j01.ee.27.1.12581.
   Google Scholar
• Born, B., and J. Pfeifer. 2014. “Policy Risk and the Business Cycle.” Journal of Monetary Economics 68:68–85. https://doi.org/10.1016/j.jmoneco.2014.07.012.
   Web of Science ®Google Scholar
• Brunnermeier, M. K., and Y. Sannikov. 2012. “Redistributive Monetary Policy.” In Jackson Hole Symposium, Vol. 1, 331–384. Kansas City, KS: Federal Reserve Bank of Kansas City. August.
   Google Scholar
• Cagetti, M. 2003. “Wealth Accumulation Over the Life Cycle and Precautionary Savings.” Journal of Business & Economic Statistics 21 (3): 339–353. https://doi.org/10.1198/073500103288619007.
   Web of Science ®Google Scholar
• Caldara, D., C. Fuentes-Albero, S. Gilchrist, and E. Zakrajšek. 2016. “The Macroeconomic Impact of Financial and Uncertainty Shocks.” European Economic Review 88:185–207. https://doi.org/10.1016/j.euroecorev.2016.02.020.
   Web of Science ®Google Scholar
• Canova, F., and F. Ferroni. 2021. “A Hitchhiker’s Guide to Empirical Macro Models“ Chicago Fed Working Paper, No. 2021-15.
   Google Scholar
• Carpenter, S. B., and W. M. Rodgers III. 2004. “The Disparate Labor Market Impacts of Monetary Policy.” Journal of Policy Analysis and Management 23 (4): 813–830. https://doi.org/10.1002/pam.20048.
   Web of Science ®Google Scholar
• Carroll, C. D. 2009. “Precautionary Saving and the Marginal Propensity to Consume Out of Permanent Income.” Journal of Monetary Economics 56 (6): 780–790. https://doi.org/10.1016/j.jmoneco.2009.06.016.
   Web of Science ®Google Scholar
• Carroll, C. D., and M. S. Kimball. 2006. Precautionary Saving and Precautionary Wealth. (No. 2006/02). CFS Working Paper.
   Google Scholar
• Carroll, C. D., and A. A. Samwick. 1997. “The Nature of Precautionary Wealth.” Journal of Monetary Economics 40 (1): 41–71. https://doi.org/10.1016/S0304-3932(97)00036-6.
   Web of Science ®Google Scholar
• Checchi, D., and C. García‐Peñalosa. 2010. “Labour Market Institutions and the Personal Distribution of Income in the OECD.” Economica 77 (307): 413–450. https://doi.org/10.1111/j.1468-0335.2009.00776.x.
   Web of Science ®Google Scholar
• Chen, L., Z. Du, and Z. Hu. 2020. “Impact of Economic Policy Uncertainty on Exchange Rate Volatility of China.” Finance Research Letters 32:101266. https://doi.org/10.1016/j.frl.2019.08.014.
   Web of Science ®Google Scholar
• Cohen, G., and M. Ladaique. (2018). “Drivers of Growing Income Inequalities in OECD and European Countries.” In Reducing Inequalities, 31–43. Cham: Palgrave Macmillan. https://doi.org/10.1007/978-3-319-65006-7_3.
   Google Scholar
• Coibion, O., Y. Gorodnichenko, L. Kueng, and J. Silvia. 2017. “Innocent Bystanders? Monetary Policy and Inequality.” Journal of Monetary Economics 88:70–89. https://doi.org/10.1016/j.jmoneco.2017.05.005.
   Web of Science ®Google Scholar
• Dettrey, B. J., and J. E. Campbell. 2013. “Has Growing Income Inequality Polarized the American Electorate? Class, Party, and Ideological Polarization.” Social Science Quarterly 94 (4): 1062–1083. https://doi.org/10.1111/ssqu.12026.
   Web of Science ®Google Scholar
• Dıaz, A., J. Pijoan-Mas, and J. V. Rıos-Rull. 2003. “Precautionary Savings and Wealth Distribution Under Habit Formation Preferences.” Journal of Monetary Economics 50 (6): 1257–1291. https://doi.org/10.1016/S0304-3932(03)00078-3.
   Web of Science ®Google Scholar
• Dolado, J. J., M. Jansen, F. Felgueroso, A. Fuentes, and A. Wölfl. 2013. Youth Labour Market Performance in Spain and Its Determinants: A Micro-Level Perspective. OCDE Working Paper. No. 1039, OECD Publishing.
   Google Scholar
• Fernández-Villaverde, J., and P. A. Guerrón-Quintana. 2020. “Uncertainty Shocks and Business Cycle Research.” Review of Economic Dynamics 37:S118–S146. https://doi.org/10.1016/j.red.2020.06.005.
   PubMed Web of Science ®Google Scholar
• Fernández-Villaverde, J., P. Guerrón-Quintana, K. Kuester, and J. Rubio-Ramírez. 2015. “Fiscal Volatility Shocks and Economic Activity.” American Economic Review 105 (11): 3352–3384. https://doi.org/10.1257/aer.20121236.
   Web of Science ®Google Scholar
• Fischer, M. M., F. Huber, and M. Pfarrhofer. 2021. “The Regional Transmission of Uncertainty Shocks on Income Inequality in the United States.” Journal of Economic Behavior & Organization 183:887–900. https://doi.org/10.1016/j.jebo.2019.03.004.
   Web of Science ®Google Scholar
• Freeman, R. 2009. “Globalization and Inequality.” In Oxford Handbook of Economic Inequality, edited by Z. Salverda, B. Nolan, and T. Smeeding, 575–589. Oxford: Oxford University Press.
   Google Scholar
• Ghirelli, C., J. J. Pérez, and A. Urtasun. 2019. “A New Economic Policy Uncertainty Index for Spain.” Economics Letters 182:64–67. https://doi.org/10.1016/j.econlet.2019.05.021.
   Web of Science ®Google Scholar
• Gunasinghe, C., E. A. Selvanathan, A. Naranpanawa, and J. Forster. 2020. “The Impact of Fiscal Shocks on Real GDP and Income Inequality: What Do Australian Data Say?” Journal of Policy Modeling 42 (2): 250–270. https://doi.org/10.1016/j.jpolmod.2019.06.007.
   Web of Science ®Google Scholar
• Heathcote, J., F. Perri, and G. L. Violante. 2010. “Unequal We Stand: An Empirical Analysis of Economic Inequality in the United States, 1967–2006.” Review of Economic Dynamics 13 (1): 15–51. https://doi.org/10.1016/j.red.2009.10.010.
   Web of Science ®Google Scholar
• Heathcote, J., F. Perri, and G. L. Violante. 2020. “The Rise of US Earnings Inequality: Does the Cycle Drive the Trend?” Review of Economic Dynamics 37:S181–S204. https://doi.org/10.1016/j.red.2020.06.002.
   PubMed Web of Science ®Google Scholar
• Hubbard, R. G., J. Skinner, and S. P. Zeldes. 1994, June. The Importance of Precautionary Motives in Explaining Individual and Aggregate Saving. In Carnegie-Rochester conference series on public policy (Vol. 40, pp. 59–125). North-Holland.
   Google Scholar
• Jurado, K., S. C. Ludvigson, and S. Ng. 2015. “Measuring Uncertainty.” American Economic Review 105 (3): 1177–1216. https://doi.org/10.1257/aer.20131193.
   Web of Science ®Google Scholar
• Leitner, S. 2016. Drivers of Wealth Inequality in Euro-Area Countries (No. 122). wiiw Working Paper.
   Google Scholar
• Liao, G., P. Hou, X. Shen, and K. Albitar. 2021. “The Impact of Economic Policy Uncertainty on Stock Returns: The Role of Corporate Environmental Responsibility Engagement.” International Journal of Finance & Economics 26 (3): 4386–4392. https://doi.org/10.1002/ijfe.2020.
   Web of Science ®Google Scholar
• Meyer, B. D., and J. X. Sullivan. 2013. “Consumption and Income Inequality and the Great Recession.” American Economic Review 103 (3): 178–183. https://doi.org/10.1257/aer.103.3.178.
   PubMed Web of Science ®Google Scholar
• Milanovic, B. 2016. Global Inequality: A New Approach for the Age of Globalization. Cambridge, MA: Harvard University Press.
   Google Scholar
• Mumtaz, H., and A. Theophilopoulou. 2015. Monetary Policy and Inequality in the UK (No. 738). Working Paper.
   Google Scholar
• Mumtaz, H., and A. Theophilopoulou. 2017. “The Impact of Monetary Policy on Inequality in the UK. An Empirical Analysis.” European Economic Review 98:410–423. https://doi.org/10.1016/j.euroecorev.2017.07.008.
   Web of Science ®Google Scholar
• Nakajima, M. 2015. “The Redistributive Consequences of Monetary Policy.” Federal Reserve Bank of Philadelphia Business Review 2:9–16.
   Google Scholar
• Nolan, B., M. G. Richiardi, and L. Valenzuela. 2019. “The Drivers of Income Inequality in Rich Countries.” Journal of Economic Surveys 33 (4): 1285–1324. https://doi.org/10.1111/joes.12328.
   Web of Science ®Google Scholar
• OECD (Organization for Economic Cooperation and Development). 2015. In It Together: Why Less Inequality Benefits All. Paris: OECD Publishing.
   Google Scholar
• OECD (Organization for Economic Cooperation and Development). (2016). Income Inequality Remains High in the Face of Weak Recovery. Available at https://www.oecd.org/social/OECD2016-Income-Inequality-Update.pdf. OECD Publishing.
   Google Scholar
• Organisation for Economic Cooperation and Development. 2011. Divided We Stand: Why Inequality Keeps Rising, 17–17. Paris: OECD publishing.
   Google Scholar
• Pérez-Moreno, S., N. Martín-Fuentes, and J. F. Albert. (2022). “Rethinking Monetary Policy in the Framework of Inclusive and Sustainable Growth.” In Economic Policies for Sustainability and Resilience, 319–364. Cham: Palgrave Macmillan. https://doi.org/10.1007/978-3-030-84288-8_8.
   Google Scholar
• Petev, I. D., L. Pistaferri, and I. Saporta-Eksten. 2011. “Consumption and the Great Recession: An Analysis of Trends, Perceptions, and Distributional Effects.” In The Great Recession, edited by D. Grusky, B. Western, and C. Wimer, 161–195. New York: Russell Sage Foundation.
   Google Scholar
• Piketty, T. 2014. Capital in the 21st Century. Cambridge: Harvard University Press.
   Google Scholar
• Saiki, A., and J. Frost. 2014. “Does Unconventional Monetary Policy Affect Inequality? Evidence from Japan.” Applied Economics 46 (36): 4445–4454. https://doi.org/10.1080/00036846.2014.962229.
   Web of Science ®Google Scholar
• Samarina, A., and A. D. Nguyen. 2019. Does Monetary Policy Affect Income Inequality in the Euro Area? De Nederlandsche Bank Working Paper No. 626.
   Google Scholar
• Schorfheide, F., and D. Song. 2015. “Real-Time Forecasting with a Mixed-Frequency VAR.” Journal of Business & Economic Statistics 33 (3): 366–380. https://doi.org/10.1080/07350015.2014.954707.
   Web of Science ®Google Scholar
• Sen, A., and R. Kanbur. 1987. “The Standard of Living: Uncertainty, Inequality and Opportunity.” In The Standard of Living, edited by G. Hawthorn, 59–69. Cambridge: Cambridge University Press.
   Google Scholar
• Suisse, C. (2020). The Global Wealth Report 2020. Credit Suisse Research Institute.
   Google Scholar
• Theophilopoulou, A. 2021. “The Impact of Macroeconomic Uncertainty on Inequality: An Empirical Study for the United Kingdom.” Journal of Money, Credit and Banking 54 (4): 859–884. https://doi.org/10.1111/jmcb.12852.
   Web of Science ®Google Scholar
• Williamson, S. D. 2008. “Monetary Policy and Distribution.” Journal of Monetary Economics 55 (6): 1038–1053. https://doi.org/10.1016/j.jmoneco.2008.07.001.
   Web of Science ®Google Scholar
• Winkler, H. 2019. “The Effect of Income Inequality on Political Polarization: Evidence from European Regions, 2002–2014.” Economics & Politics 31 (2): 137–162. https://doi.org/10.1111/ecpo.12129.
   Web of Science ®Google Scholar
• Zucman, G. 2019. “Global Wealth Inequality.” Annual Review of Economics 11 (1): 109–138. https://doi.org/10.1146/annurev-economics-080218-025852.
   Web of Science ®Google Scholar