Format du dépôt |
Fichier |
Type de dépôt |
Autre publication scientifique |
Titre |
en
The Effects of Unconventional Monetary Policy on Stock Markets and Household Incomes in Japan
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Résumé |
en
In this study, we investigate the impact of monetary policy on Japanese household incomes using the Family Income and Expenditure Survey. Our analysis focuses on the savings and income structure of households, and covers the period from Q1 2007 to Q2 2021. We find that households in the highest income brackets have a higher proportion of their savings invested in stocks, while middle and lower income households hold a greater share of their savings in bank deposits. Our hypothesis is that the Bank of Japan's monetary policies have boosted stock markets in particular, leading to disproportionate benefits for high-income households through capital gains and dividends. Using local projections, we first identify a positive, lasting cumulative effect of both conventional and unconventional monetary expansion on Japanese stock markets. We then examine how stock market performance impacts household incomes, and find that the effect is strongest for high-income households, decreases for middle-income households, and disappears for lower-income households. Our results suggest that monetary policy may have contributed to the persistent growth in income inequality in Japan, as measured by metrics such as the Gini coefficient and top-to-bottom income ratios.
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Auteur(s)
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Karl-Friedrich Israel
1, 2, 3
, Tim Florian Sepp
4
, Nils Sonnenberg
5
1
UP1 -
Université Paris 1 Panthéon-Sorbonne
( 7550 )
- 12 place du Panthéon, 75231 Paris Cedex 05
- France
2
Saarland University [Saarbrücken]
( 110922 )
- 66123 Saarbrücken
- Allemagne
3
UCO -
Université Catholique de l'Ouest
( 300844 )
- Université catholique de l'Ouest
3 place André Leroy
BP 10808
49008 ANGERS Cedex 1
- France
4
Leipzig University / Universität Leipzig
( 562203 )
- Augustusplatz 10, 04109 Leipzig, Allemagne
- Allemagne
5
Kiel Institute for the World Economy
( 142116 )
- Hindenburgufer 66 D-24105 Kiel
- Allemagne
-
Kiel Institute for the World Economy ( 335303 )
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Langue du document |
Anglais
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Licence |
Paternité
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Nom de la revue |
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Date de publication |
2023-02
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Description |
Documents de travail du Centre d'Economie de la Sorbonne 2023.05 - ISSN : 1955-611X
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Vulgarisation |
Non
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Commentaire |
Éditeur scientifique |
-
Centre d'Economie de la Sorbonne - CES UMR 8174
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Domaine(s) |
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Sciences de l'Homme et Société/Economies et finances
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Mots-clés (JEL) |
-
D - Microeconomics/D.D3 - Distribution/D.D3.D31 - Personal Income, Wealth, and Their Distributions
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D - Microeconomics/D.D6 - Welfare Economics/D.D6.D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy
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Référence interne |
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Mots-clés |
en
monetary policy, inequality, Japan, household income
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