{"id":9295,"date":"2025-12-10T13:57:56","date_gmt":"2025-12-10T18:57:56","guid":{"rendered":"https:\/\/creei.ca\/?page_id=9295"},"modified":"2025-12-10T13:58:50","modified_gmt":"2025-12-10T18:58:50","slug":"monetary-policy-and-the-wealth-distribution","status":"publish","type":"page","link":"https:\/\/creei.ca\/en\/monetary-policy-and-the-wealth-distribution\/","title":{"rendered":"Monetary Policy and the Wealth Distribution"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1144px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\"><p>R\u00e9sum\u00e9 court :<\/p>\n<p>This paper analyzes the differentiated effects of monetary policy instruments on the distribution of wealth in the United States. Using the Distributional Financial Accounts, the authors show that interest rate cuts temporarily reduce wealth inequality but increase it in the medium term, while asset purchases raise inequality only in the short term.<\/p>\n<p>The analysis highlights distinct transmission channels depending on households\u2019 position in the wealth distribution: housing contributes to short-term gains among less wealthy households but leads to increased mortgage debt and lower net wealth over time. In contrast, corporate equities explain the rise in wealth among top-income households. Using individual-level data from the Panel Study of Income Dynamics, the authors confirm these dynamics and identify a wealth reversal at the bottom of the distribution.<\/p>\n<article class=\"node-789 node node-publications node-promoted view-mode-full node-by-viewer clearfix\">\n<div class=\"field field-name-body field-type-text-with-summary field-label-above\">\n<div class=\"field field-name-field-auteurs-publication field-type-taxonomy-term-reference field-label-inline clearfix\">\n<div class=\"field-label\"><strong data-start=\"1047\" data-end=\"1059\">Authors:<\/strong> Alessandro Franconi and Giacomo Rella<br data-start=\"1097\" data-end=\"1100\" \/><strong data-start=\"1100\" data-end=\"1111\">Number:<\/strong> 25-04<br data-start=\"1117\" data-end=\"1120\" \/><strong data-start=\"1120\" data-end=\"1129\">File:<\/strong> <a href=\"https:\/\/creei.ca\/wp-content\/uploads\/2025\/12\/cahier_25_04_monetary_policy_wealth_distribution.pdf\">cahier_25_04_monetary_policy_wealth_distribution<\/a><br data-start=\"1182\" data-end=\"1185\" data-is-only-node=\"\" \/><strong data-start=\"1185\" data-end=\"1194\">Year:<\/strong> 2025<\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<\/article>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-9295","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/pages\/9295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/comments?post=9295"}],"version-history":[{"count":3,"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/pages\/9295\/revisions"}],"predecessor-version":[{"id":9299,"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/pages\/9295\/revisions\/9299"}],"wp:attachment":[{"href":"https:\/\/creei.ca\/en\/wp-json\/wp\/v2\/media?parent=9295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}