Data and Code for: Five Facts about the Distributional Income Effects of Monetary Policy Shocks

Principal Investigator(s):  View help for Principal Investigator(s) Niklas Amberg, Sveriges Riksbank; Thomas Jansson, Sveriges Riksbank; Mathias Klein, Sveriges Riksbank; Anna Rogantini Picco, Sveriges Riksbank

Version:  View help for Version V1

Name File Type Size Last Modified
  matlab 11/19/2021 08:24:AM
  origdata 11/19/2021 08:24:AM
  stata 11/19/2021 08:24:AM
  tables_figures 11/19/2021 08:25:AM
README.pdf application/pdf 114.7 KB 11/19/2021 03:24:AM

Project Citation: 

Amberg, Niklas, Jansson, Thomas, Klein, Mathias, and Rogantini Picco, Anna. Data and Code for: Five Facts about the Distributional Income Effects of Monetary Policy Shocks. Nashville, TN: American Economic Association [publisher], 2022. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2022-08-26. https://doi.org/10.3886/E150721V1

Project Description

Summary:  View help for Summary We document five facts about the distributional income effects of monetary policy shocks using Swedish administrative individual-level data. (i) The effects of monetary policy shocks are U-shaped over the income distribution—i.e., expansionary shocks increase the incomes of high- and low-income individuals relative to middle-income individuals. (ii) The large effects in the bottom are accounted for by the labor-income response and (iii) those in the top by the capital-income response. (iv) The heterogeneity in the labor-income response is due to the earnings heterogeneity channel, whereas (v) that in the capital-income response is due to the income composition channel.

Scope of Project

Subject Terms:  View help for Subject Terms Monetary policy; Income inequality; Heterogeneous agents; Administrative data
JEL Classification:  View help for JEL Classification
      C55 Large Data Sets: Modeling and Analysis
      E32 Business Fluctuations; Cycles
      E52 Monetary Policy
Geographic Coverage:  View help for Geographic Coverage Sweden
Time Period(s):  View help for Time Period(s) 1990 – 2018
Collection Date(s):  View help for Collection Date(s) 2020 – 2021
Universe:  View help for Universe Swedish residents 16 years or older
Aggregate economic data for Sweden
Data Type(s):  View help for Data Type(s) aggregate data; program source code
Collection Notes:  View help for Collection Notes
Most data used in this project are restricted-access data from population registers kept by Statistics Sweden. These data can only be obtained by researchers affiliated with accredited research institutions in Sweden and are therefore not provided here. Please see the Readme file for more information on how to access these data.

This deposit therefore only includes such data that we are allowed to share, which is mainly data from publicly accessible sources. The deposit does, however, include all Stata and Matlab codes used in the analysis (i.e., also codes used for analyzing the restricted-access data).

Methodology

Unit(s) of Observation:  View help for Unit(s) of Observation Individual, Country

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Published Versions

V1 [2022-08-26]

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