Monetary Policy and Personal Income Distribution: A Survey of the Empirical Literature

Advancing the Monetary Policy Toolkit through Outright Transfers

“…Accordingly, Andersen et al (2020) find a large impact on wealth inequality in a case study for Denmark based on household microdata, whereas other studies (cf. Kappes (2021), Bonifacio et al (2021), Ampudia et al (2018)) find mixed results, particularly for income inequality. The mixed evidence attests to the very heterogeneous effects of QE on households across the income and wealth distribution, depending on individual households' assets and liability structure, generally benefiting borrowers over creditors and owners of real estate over renters for example.…”

Introduction to Central Banking, Monetary Policy and Social Responsibility

“…Therefore, Timo Walter advocates for preserving a healthier ecology of policy tools and infrastructures of central banks. For a survey following a post-Keynesian perspective, see Kappes (2021).…”

The general ineffectiveness of monetary policy or the weaponization of inflation

“…If this view is correct, then monetary policy is not about fine-tuning economic activity at all; rather it is about the distribution of income from a monetary policy perspective (Lavoie, 2014;Seccareccia and Lavoie, 2016;Rogers, 1989;Rochon, 1999;Smithin, 1996;Kappes, 2022). Lavoie (1996b, p. 537) summarized this view perfectly:…”