Lequio di Assaba, Tomaso Michael (A.A. 2024/2025) The inequality of monetary policy. Tesi di Laurea in Money and banking, Luiss Guido Carli, relatore Paolo Paesani, pp. 40. [Bachelor's Degree Thesis]

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Abstract/Index

Inequality and macroeconomic stability: conceptual background. Inequality as a macroeconomic phenomenon. Inequality, consumption and aggregate demand. Inequality and financial instability. The conventional role of monetary policy. Challenges to the distribution-neutrality view. The need for heterogeneous-agent frameworks. Implications for monetary policy analysis. Monetary policy in representative-agent models. The representative-agent framework in monetary economics. Household behavior and intertemporal choice. Firms, price stickiness and the role of monetary policy. Monetary policy rules and optimal policy. Distributional neutrality by assumption. Limitations of the representative-agent approach. The role of representative-agent models as a benchmark. Heterogeneous agent models and the distributional transmission of monetary policy. From representative agents to household heterogeneity. Key features of heterogeneous agent new Keynesian models. Transmission channels of monetary policy in HANK models. Aggregate implications of redistribution. HANK models and inequality. Ultra-loose monetary policy and inequality: evidence from the post-crisis period. The emergence of ultra-loose monetary policy. Asset prices channel and wealth inequality. The borrower-saver redistribution. The labor market channel. Empirical evidence for the euro area: has ultra-expansionary monetary policy increased or has reduced inequality? Comparison between the United States and the European Union. Assessing the net effect. Implications for monetary policy. Reassessing the distributional neutrality of monetary policy. The ambiguity of ultra-loose monetary policy. Implications of recent restrictive monetary policy for inequality. Implications for central banks. The complementarity of monetary and fiscal policy.

References

Bibliografia: pp. 36-40.

Thesis Type:	Bachelor's Degree Thesis
Institution:	Luiss Guido Carli
Degree Program:	Bachelor's Degree Programs > Bachelor's Degree Program in Economics and Business, English language (L-33)
Chair:	Money and banking
Thesis Supervisor:	Paesani, Paolo
Academic Year:	2024/2025
Session:	Extraordinary
Deposited by:	Alessandro Perfetti
Date Deposited:	08 Sep 2026 10:17
Last Modified:	08 Sep 2026 10:17
URI:	https://tesi.luiss.it/id/eprint/46737

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