O impacto da política monetária sobre a desigualdade de renda: uma análise da influência distributiva do regime de metas (1996-2019)

Abstract

Currently, a global context shaken by production shocks and drastically accelerated unemployment can be seen. Consequently, the role of government interference has expanded through political tools, conventional or not, to promote the impulse of economic activity, raising the prominent role of central banks. However, in the midst of expanding the role of central banks, the discussion around the consequences of their policies in distributive terms was revived in parallel with the expansion of the study of inequality and its impacts on the economic performance of nations. Thus, the general objective of the following dissertation is to analyze the effects of monetary policy in the context of nations that adopt the inflation targeting regime on their income inequality. To consistently foster this debate, this work focuses on the use of the HypotheticalDeductive method, descriptive and explanatory research, in addition to the estimation of PVAR models and their respective impulse-response functions. The results obtained reveal the existence of a link between expansionary monetary policies and the reduction of income inequality, as well as contractionary monetary policies and the increase in income inequality, in addition to presenting evidence that the link between interest rates and income inequality is given via the channel of the heterogeneity of labor income.