A new study finds that ECB’s monetary policy affects the wage share of companies and thereby the distribution of income between workers and shareholders. Given that these effects differ by firm characteristics, monetary policy has uneven effects across the euro area. To tackle this, more targeted monetary policy tools should be developed.
A recording of Positive Money Europe’s new webinar on the ECB’s neglected secondary mandate is now available online.
The pandemic and current economic crisis exacerbate economic inequality by disproportionately burdening individuals on the lower part of the income distribution. The ECB’s asset purchases have further fueled this trend. It is time the ECB took these distributional effects into account when designing policies and instruments.
Central banks should be concerned about the inequality effect of their own policies such as quantitative easing.
In its annual report, the European Central Bank has proved that its quantitative easing programme increased the wealth of the richest.
This piece published on Basic Income Network dispels the confusion between basic income and helicopter money.
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