Monetary Income Research Articles

INSTITUTIONAL ASPECTS OF IMPLEMENTATION INNOVATIVE REPRODUCTION IN THE NATIONAL ECONOMY

The institutional determinants of ensuring the expanded reproduction of the national economy on an innovative basis are substantiated. It is established that innovative reproduction is determined by the modern model and ontological principles of formation of the innovation process, which acts as an organizational basis for promoting a scientific product to a commodity producer and is focused on meeting the needs of consumers of innovations, as well as on developing own innovations that allow obtaining a long-term economic effect and are focused on the long-term nature of innovative development. It is stated that in order to modernize the innovation process at all stages of its organization, it is necessary to introduce elements of institutional design to form transitional forms of process implementation and transform them into more modern forms. It is proved that the organization of the production process based on the development of own innovations provides a spiral dynamics of reproduction, which allows obtaining in a new production cycle modernized or fundamentally new innovations that improve production, contribute to an increase in the output of innovative goods and obtaining a commercial effect in the form of additional monetary income. It is determined that the innovative type of reproduction is based on a system of regulated formal norms that direct economic entities to participate in the process of production, distribution and consumption of an innovative product. The innovative dynamics is realized through the institutions formed at each level of the hierarchy with the appropriate direction and coordination of the norms of innovative behavior of economic entities. It is argued that the dynamics of innovative transformations, the formation of an organizational model of the innovation process and the nature of extended reproduction are influenced by exogenous and endogenous factors. The endogenous factors of influence of innovative reproduction (personnel, financial, information support, equipment and technologies, organization of production) are systematized. It is substantiated that exogenous influence on innovative reproduction is exerted by factors formed by basic economic institutions, formal norms and infrastructure provision.

Assessing the relationship between economic crime and socio-economic indicators of the region

Subject. The article discusses economic crime as one of internal threats to Russia’s security. Objectives. The aim is to determine the main directions of fight against economic crimes, analyze the impact of some parameters on the level of criminalization of the economy. Methods. The study employs econometric modeling methods. Results. The study confirmed hypotheses about direct impact of the number of unemployed population and the volume of investments in fixed assets on the number of registered economic crimes in regions, and about inverse impact of the average per capita monetary income. Conclusions. The proposed model can be used in further research to assess the level of economic security in the region. Strategies and measures to increase employment, stimulate the growth of the average per capita income of the population, the development and implementation of effective mechanisms to identify unofficial income and shadow transactions can act as the main tools to reduce the level of economic crime.

Assessment of Factors Affecting Tax Revenues: The Case of the Simplified Taxation System in the Russian Federation

The simplified tax system is the most common special tax regime in the Russian Federation in terms of the number of taxpayers. Tax revenues from the simplified tax system account for 6% of the structure of tax revenues of the consolidated budgets of the constituent entities of the Russian Federation and more than 93% of the structure of tax revenues from special tax regimes. The purpose of this study is to identify and assess the factors influencing tax revenues from the tax levied in connection with applying the simplified system of taxation (taxable object—income reduced by the amount of expenses). The objective of this study is to determine a set of factors used by economists to model the level of tax revenues and to conduct a corresponding econometric analysis of the influence of the selected factors on the dependent variable to identify characteristics of the simplified taxation system functioning in the Russian Federation. The object of this study is the per capita tax revenue from the tax levied in connection with applying the simplified system of taxation (the object of taxation is income reduced by expenses) in the Russian Federation. The subject of the research is a set of economic relations, which arise because of tax-legal relations between tax authorities and taxpayers in relation to the calculation of the tax levied in connection with the application of the simplified taxation system. This study’s hypothesis is that the amount of tax revenues is influenced by factors characterizing the economic situation and development of small and medium businesses in the constituent territories of the Russian Federation. This study was conducted in 83 constituent territories of the Russian Federation in 2020–2022. The research methods are statistical analysis and econometric modeling on panel data. During this study, six econometric models were constructed. Based on the results of specification tests, the least squares dummy variables model was selected. The results of the modeling show that the tax rate, the number of taxpayers, and the real average per capita monetary income of the population have a statistically significant impact on the per capita tax revenue under the simplified tax system (the object of taxation is income reduced by the number of expenses). As a result, the focus of economic policy at both macro and meso levels should be on the support of small and medium-sized enterprises in the early stages of their life cycle, as well as on the increase of the purchasing power of the population. Based on the results obtained, it is possible to forecast the revenue side of the budgets of the constituent entities of the Russian Federation.

ДЕНЕЖНЫЕ ДОХОДЫ НАСЕЛЕНИЯ КЫРГЫЗСТАНА: ТЕКУЩАЯ СИТУАЦИЯ И ПЕРСПЕКТИВЫ

This study analyzes the monetary income of Kyrgyzstan’s population in the context of the formation of a social market economy. The problem of increasing the well-being of the population and its level is the most important factor influencing a country's economic growth. This research reviews the 2018-2022 dynamics of key well-being indicators, including labor income, social transfers, and personal farming. It emphasizes state policies on pensions and social benefits. Statistical analysis revealed key trends in urban and rural living standards. This paper proposes ways to improve material support systems by aligning social payments with the subsistence minimum as required by the Constitution.

Pengaruh Perputaran Kas Dan Perputaran Piutang Terhadap Profitabilitas Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia 2020-2022

The purpose of The purpose of this study is to evaluate and examine the influence of monetary turnover and income rotation on the yield on the assets (ROA) in food and beverage businesses listed on the stock exchange in Indonesia. (IDX). The subjects in the present research were factories in the Industrial Sector, Food and Beverage Division, enrolled on the Indonesian Securities Exchange. (2020-2022), totaling 18 companies. Based on H1, the financial turnover component from 2020 to 2022 has a significant and beneficial effecti oni Returni Oni Assetsi (ROA) ini foodi andi beveragei companiesi listedi oni thei IDX. Based on H2, the inventory turnover variable hasi ai significanti and beneficial effect on ROA in food and beverage companies listed on the IDX in 2020 and 2022. Based on H3, cashi turnoveri andi accountsi receivablei turnoveri havei ai goodi andi significanti effecti oni ROA ini foodi and beveragei companiesi listedi oni the IDX in 2020-2022.

Thermo-economic investigation of transcritical Carbon Dioxide solar-thermal power plants, Part 1: System modeling and simulation for design with validation of results

This study comprises the engineering design and economic assessment of a novel trans-critical-point Carbon Dioxide cycle integrated with a solar Parabolic Trough Collector (PTC) power plant. A 1-MW facility with a Rankine transcritical CO2 cycle providing combined heat and power for a small industrial facility in Texas was proposed as the baseline power plant to perform the analysis. A design and modeling effort was performed in Engineering Equation Solver (EES) for the many systems and components of the power plant, including the solar field, the power block, and sub-components such as turbomachinery and heat exchangers. The model created enabled the simulation of plant performance for the median day of each month in the year by inputting meteorological TMY3 data, and results were extrapolated to estimate the annual energy and monetary income yield. Data processing was performed with MATLAB. Economic analysis included estimation of capital and O&M costs for the baseline plant. Results were verified through empirical performance simulation, using System Advisor Model (SAM), a software provided by NREL. The levelized cost of energy (LCOE) for the modeled plant was $0.2915/kWh, as calculated with EES/MATLAB, and $0.305/kWh, as calculated with SAM, resulting in a difference of less than 5%, between the two different simulation approaches. The design and simulation work presented herein provides the means to perform an optimization analysis, which reveals important clues as to how the energy cost could be reduced so as to make this technology a competitive alternative within the energy market.

A Robust-Based Home Energy Management Model for Optimal Participation of Prosumers in Competitive P2P Platforms

Nowadays, advanced metering and communication infrastructures make it possible to enable decentralized control and market schemes. In this context, prosumers can interact with their neighbors in an active manner, thus sharing resources. This practice, known as peer-to-peer (P2P), can be put into practice under cooperative or competitive premises. This paper focuses on the second case, where the peers partaking in the P2P platform compete among themselves to improve their monetary balances. In such contexts, the domestic assets, such as on-site generators and storage systems, should be optimally scheduled to maximize participation in the P2P platform and thus enable the possibility of obtaining monetary incomes or exploiting surplus renewable energy from adjacent prosumers. This paper addresses this issue by developing a home energy management model for optimal participation of prosumers in competitive P2P platforms. The new proposal is cast in a three-stage procedure, in which the first and last stages are focused on domestic asset scheduling, while the second step decides the optimal offering/bidding strategy for the concerned prosumer. Moreover, uncertainties are introduced using interval notation and equivalent scenarios, resulting in an amicable computational framework that can be efficiently solved by average machines and off-the-shelf solvers. The new methodology is tested on a benchmark four-prosumer community. Results prove that the proposed procedure effectively maximizes the participation of prosumers in the P2P platform, thus increasing their monetary benefits. The role of storage systems is also discussed, in particular their capability of increasing exportable energy. Finally, the influence of uncertainties on the final results is illustrated.

Overcoming the concept of pockets of poverty: the case of Jequitinhonha Valley in Brazil

ABSTRACT The Jequitinhonha Valley is known as “a pocket of poverty” in Brazil; social indicators and income levels are lower in this area than in neighbouring territories. Although the targeted social policies implemented by the 1988 Federal Constitution led to a decrease in the poverty levels, overcoming the area’s challenges requires further efforts. This article explores the characteristics of the Valley, its emergence as a pocket of poverty, and the elements hindering its improvement. Quantitative data from the database on employment and in-depth interviews with experts and municipal officials from the territory’s cities were used to analyse the relevant economic sectors and their characteristics. The results reveal that the territory mainly exports raw materials with low value-added and creates few formal jobs. Additionally, in-depth interviews indicate that family farming is a pivotal sector for territorial development based on its economic potential and is a source of monetary income.

Monetary Policy and Income Distribution: The Post-Keynesian and Sraffian Perspectives

ABSTRACT This paper examines the post-Keynesian and Sraffian perspectives on the relationship between monetary policy and income distribution, highlighting their endogenous demand-led money approach and rejection of the neutrality of interest rates, and monetary policy as tool of redistribution among social classes. Both approaches acknowledge that the central bank can influence interest rates and hence, the functional distribution of income. These shared ideas recognize the political nature of interest rates and the distributive impacts of monetary policy. Although all are crucial common points, some differences persist; PK theory often emphasizes the impact of monetary policy on rentiers vs. non-rentier classes, while Sraffians focus more on wage earners vs. non-wage earners. Further, while PK theorists advocate for alternative monetary policy rules, Sraffians favor discretionary policy tailored to each economy's unique institutional framework. The paper concludes by suggesting that these shared critical conceptions, despite minor differences, should stimulate collaborative efforts to further develop heterodox theories of monetary policy and income distribution.

Monetary Policy and Income Distribution: A Symposium

Monetary Policy and Income Distribution: A Symposium

Statistical Assessment of the Impact of Living Standard Indexes of the Population on the Volume of Private Deposits

Purpose of the study. One of the most important functions of the Russian banking sector is the accumulation of temporarily free funds of the population for further active operations, including lending to legal entities and individuals. The volume of deposits of individuals is influenced by various factors, the main ones being indexes of the standard of living of the population, which vary significantly in the regions of the country. In the context of significant differences in the spatial development of regions, it is advisable to carry out a statistical analysis of the influence of the main indexes of the standard of living of the population on the volume of funds attracted by credit institutions from the population in the regions of the Russian Federation. The purpose of this study is a statistical analysis of the dynamics and structure of household deposits, as well as an assessment of the impact of the main indexes of the population’s standard of living on the volume of household funds attracted by credit institutions.Research methods and sources of information. The following statistical tools were used: structural and dynamic analysis, cluster analysis, correlation and regression analysis, as well as tabular and graphical methods for presenting research results. The information base is the official statistical data of the Federal State Statistics Service (Rosstat) and the Central Bank of RussiaResearch results. The analysis of the dynamics of the volume of deposits of individuals showed an increase in the volume of private deposits in rubles with a significant reduction in deposits in foreign currency in all federal districts of the country. As a result of studying the regional structure of deposits of individuals in credit institutions, three federal districts can be identified, the share of which is 73,5% in the total volume of private deposits in the country. The use of the cluster analysis method made it possible to identify three groups of regions. The first cluster included three subjects that are characterized by the highest values of the volume of deposits per capita. The second cluster consisted of 66 regions of the country in which the level of development of savings remains low. In 13 subjects included in the third cluster, there is an average level of depositing funds in credit institutions of the country. The use of the method of correlation and regression analysis made it possible to identify the most significant impact on the volume of private deposits per capita of the average per capita monetary income of the population, i.e. a high level of cash income will contribute to an increase in the volume of citizen deposits attracted by credit institutions, as well as a moderate direct impact of the level of employment of the population. In addition, in certain groups of regions, the degree of influence of factor characteristics on the volume of private deposits per capita varies.

Influence of medical-social and socio-economic factors on infant mortality rate in the Republic of Ingushetia

BACKGROUND: The infant mortality rate, as one of the indicators of the health and quality of life of the population, is an important factor that determines the country’s healthcare priorities. Despite the steadily decreasing infant mortality rates in the Russian Federation, the value of this indicator varies by region; thus, studying the factors influencing its value is relevant. If the leading medical, social, and socioeconomic factors that influence the level of infant mortality could be determined using data from a representative region (Republic of Ingushetia), the main directions for organizing measures aimed at reducing mortality among children in the first year of life will be identified. AIM: To determine the main medical, social and socio-economic factors that influence the infant mortality rate in the Republic of Ingushetia. MATERIALS AND METHODS: An observational single-center retrospective study was performed to examine the influence of medical, social, and socioeconomic factors on the mortality rate of children aged 1 year in the Republic of Ingushetia. The obtained data were compared with similar indicators for the Russian Federation as a whole and the North Caucasus Federal District. RESULTS: During the study period (2011–2019), significant changes were observed in infant mortality rates in the Republic of Ingushetia: infant mortality has decreased because of the age components, leading to the normal ratio of neonatal and post neonatal mortality. Rates of infant mortality from certain conditions arising in the perinatal period, congenital anomalies, and nervous system and circulatory system diseases have significantly decreased. The proportion of women admitted under the supervision of antenatal clinics in the early pregnancy (up to 12 weeks) has increased, the incidence of morbidity among pregnant women has decreased, and the proportion of normal births has been increasing. Although many medical organizations have employed a sufficient number of medical personnel, the coverage for biochemical screening has decreased, detection of malformations and biochemical abnormalities during prenatal diagnostics was low, medical personnel have low qualifications, and the shortage of obstetric and pediatric beds and pathology beds for newborns and premature infants was significant. A statistically significant dependence of the frequency of deaths of children aged 1 year on socioeconomic indicators−unemployment level, monetary income of the population, and housing conditions−was revealed. CONCLUSION: The main medical, social, and socioeconomic factors that influence infant mortality were analyzed using data from the Republic of Ingushetia. Positive and negative trends in the current state of the healthcare system of this republic have been identified.

Contribution of Fuel Wood Income from Natural Forests to Household Economy in Delanta District, Northeastern Ethiopia

For Ethiopia’s rural homes, particularly those in the Delanta district, fuelwood is the primary energy source. This suggests that the impact of fuel wood from the forest to family energy use or income is significant. The goal of the current study was to estimate how much annual fuel wood harvested from forests contributes to household consumption and monetary income. 96% of the forest’s income comes from fuelwood. In the study area, it contributes 2,013,539 Birr, or 33%, of all family income. 703,014 ETB, or 23.8% of the total subsistence income, and 1,310,525 ETB, or 40.65% of the total cash income of the tested households, are both covered by fuelwood from the forest. Both socioeconomic and physical characteristics close to the users influenced how dependent a household was on fuelwood income from the forest. The data obtained from randomly selected households by survey method have been subjected to multiple regression analysis and obtained that households’ reliance on fuelwood income from the forest was significantly influenced by factors such as age, educational level, number of trees owned, distance to forest, distance to market, and nonforest income, all of which had a negative and significant impact. The only significant factor that significantly and positively influences reliance on fuelwood income from the forest is the number of family members. Therefore, preserving a natural forest through the use of alternative energy sources, such as electricity, or encouraging a plantation on one’s own property is a potential discipline for mandating climate change prevention.

STEP analysis of macro-environmental factors affecting medical and drug care for patients with chronic myeloid leukemia

Objective: to conduct a STEP analysis (social, technological, economic, political) of macro-environmental factors influencing medical and drug care for patients with chronic myeloid leukemia (CML).Material and methods. The materials used were information from the official website of the Federal State Statistics Service of the Russian Federation (RF), financial reports of the Ministry of Finance of the RF, the Ministry of Industry of the RF, the Federal Customs Service of the RF, the Federal Treasury, the All-Russian Center for the Study of Public Opinion, data from the World Health Organization and the Ministry of Health of the RF, regulatory framework of the RF, data from the State Register of Medicines of the RF and information from domestic and foreign scientific publications. The object of the study was the Department of Hematology and Chemotherapy of the Regional Clinical Hospital No. 1 (Tyumen). Structural, statistical, analytical, situational-logical, mathematical, graphic methods, as well as content analysis, STEP analysis and ranking were used.Results. Providing medical and drug care to CML patients today is a vital and pressing problem in Russia and around the world. The effectiveness of pharmacotherapy directly depends on certain environmental factors, and each of them influences the functioning of a medical organization (MO) to varying degrees. Analysis of social factors made it possible to trace the dynamics and make a forecast regarding the capabilities of patients and MOs as well as the demand for drug therapy. Economic factors are based on the level of monetary income of the population and the expenditures of the RF budget on healthcare. The role of Russian export and import volumes is shown, first and foremost, the influence of these indicators on domestic prices, demand and on the macro-economic balance in general. Сreditor indebtedness changes the MO financial position and reflects the efficiency of using the monetary resources. Analysis of technological factors allowed assessing the equipment of the MO with medical facilities and drugs. The influence of such factors as the registration of new drugs for the treatment of CML patients and the digitalization program in health care was studied. Based on the analysis of political factors, the state’s interest in the development of domestic medicine and pharmacy was determined.Conclusion. The STEP analysis of external factors influencing medical and drug care for CML patients allowed identifying the most significant ones for optimizing pharmacotherapy in this category of patients, which is relevant for medical practice and the pharmaceutical industry.

Model for assessing the influence of quality of life indicators on the breast cancer incidence

Introduction. Malignant neoplasms of the breast are the leading oncological pathology among the female population of the Primorsky region. Identification of the relationship between the incidence rate and quality of life indicators, along with modern diagnostic methods, makes it possible to improve preventive measures to reduce the prevalence in the population at the regional level. Purpose. Development of a regression model that describes the impact of socio-economic indicators of quality of life on the incidence of breast cancer in the population of the Primorsky region. Materials and methods. The initial data sample consisted of seventeen indicators of the quality of life in the population of Primorsky region for the period from 1994 to 2020. To reduce the dimensionality of the data, the principal component method was used, and regression analysis was used to build the model. The quality of the constructed model was checked on the base of the calculation of the coefficient of determination, the standard error, and the approximation error. Results. There were identified 15 indicators of the quality of life in the population that significantly affect the pathology of breast cancer in the Primorsky region. Principal component analysis has made it possible to group the quality of life indicators into three major compartments. The first component explains 80.8% of the variance, the second — 10%, the third — 4%. The first compartment included indicators characterizing the socio-economic aspects of the life of the population, the second — medical and social, and the third — statistical indicators of inequality in monetary incomes of the population, characterizing the social differentiation of society. A regression model has been developed on the principal compartments. Research limitations. The research materials are limited to the results of statistical analysis of 17 indicators of the quality of life of the population of the Primorsky region for the period from 1994 to 2020 and the application of the developed regression model at the regional level. Conclusion. The results of this study made it possible to identify the relationship between the incidence of breast cancer and risk factors and develop a predictive model, which can be useful in planning preventive measures to improve the quality of life and reduce the incidence at the regional level.

The Psychology of Adaptive and Maladaptive Relationships between Parents and Children of Senior School Age

The purpose of this article is: to study the concept of “child-parents adaptive relationships”; to describe The Humanistic Conception of child-parents adaptive relations; to present The Psychoanalytic Model of family adaptive education, The Transactional and The Behaviorist Models of Personality Adaptive Education; to describe the results of the experiment with the aim to explain that a person’s implementation of the feature of aggressiveness in destructive maladaptive behavior. Methods of the research. The following theoretical methods of the research were used to solve the tasks formulated in the article: a categorical method, structural and functional methods, the methods of the analysis, systematization, modeling, generalization. The pilot research was used as an empirical method. The results of the research. We proved, that socio-economic factors of family life (a quality of life, a status of a family, living conditions, monetary income, social status, a level of education of parents) does not have a direct impact on the manifestations of aggression of children, however, its pronounced disadvantage can motivate parents’ aggression towards children, causing the aggression as a response. Conclusions. We proved, that in the typology of a modern family, the main factors associated with manifestations of destructive aggressiveness of children are the influences of the socially disadvantaged microenvironment of the family, which predetermine its manifestations, and the profiles of parental attitudes in it, which determine its manifestations. The influence of the socio-economic characteristics of the family, its structure, composition and number, problems, associated with the health of its members, the culture of their communication, are of great importance in the manifestations of abnormal aggressiveness of children, but to a greater extent these manifestations are mediated by purely psychological family functioning parameters, also parental attitude profile.

The socioeconomic gradient in overweight and obesity among Colombian adult and pediatric populations: A scoping review.

Background: The imminent increase in overweight and obesity prevalence constitutes a pervasive concern for the adult and pediatric Colombian population. Nonetheless, the unequal distribution across distinct social groups limits the implementation of public health policies targeting these escalating rates. Aim: This study aimed to compile existing evidence regarding the prevalence of overweight and obesity in relation to the socioeconomic status (SES) of the Colombian population. Methods: A scoping review was conducted according to the Preferred Reporting Items for Systematic reviews and Meta-Analyses extension for Scoping Reviews parameters in MEDLINE (PubMed), EMBASE, and LILACS databases for inclusion of investigations published up to January 2024. Results: Twenty-two cross-sectional studies were included. A higher prevalence of overweight and obesity was documented in adults with lower SES defined by social stratum and monetary income, while in particular for nonpregnant adult women, the prevalence of excess weight was higher in the medium-low socioeconomic stratum. In the pediatric population, higher SES defined by social stratum was directly related to an increased prevalence and risk of overweight and obesity. The ownership of household assets, however, was positively related to the risk of overweight in both adult and pediatric populations. Conclusion: The findings of this investigation disclose a socioeconomic gradient in overweight and obesity in Colombia that resembles the epidemiological distribution in high-income countries for adults, though similar to low-income countries for the pediatric population. Further intersectoral interventions aimed at the most vulnerable groups are imperative to mitigate the inequalities that condition their predisposition to overweight and obesity.

Investigation of multidimensional poverty in Pakistan at the national, regional, and provincial level

AbstractTo achieve the sustainable development goal of “no poverty”, many attempts have been made to measure poverty so that policy intervention can target the right people with the correct intensity. Since the traditional method of a unidimensional approach using monetary indicators, such as income and consumption, is now considered insufficient, a multidimensional approach has been employed using non-monetary indicators. The latter approach encompasses the different poverty aspects affecting an individual’s capabilities and functioning. This study aimed to calculate multidimensional poverty in Pakistan using the Alkire & Foster method and Pakistan Social and Living Standards Measurement (PSLM) published by the Pakistan Bureau of Statistics data for 2018–19. To further complete the research, a binary logistic regression has been run to measure the effects of a deviation in income status on multidimensional poverty to see the impact of monetary income on non-monetary measures. Results show that the national global Multidimensional Poverty Index (MPI) is 0.24, meaning that multidimensionally poor people in Pakistan experience 24% of the total deprivations. The most deprived dimension of the three is education (44.7%), which needs special attention. Furthermore, if a household’s total annual income increases and becomes more significant than the mean income of the sample, the household’s probability of being multidimensionally poor will decrease. This implies that with the increase in average national income, the national poverty will reduce not only in absolute terms but also multidimensionally. This study’s findings have several implications for policymakers, and the results of the MPI should align the allocation of public sector resources calculated to give a geographical and sectoral image of the poverty situation, which will guide policy designs and allocation of budget and resources.

Исследование социально-экономического положения населения на основе анализа циклической мобильности

Cyclic mobility was studied in the work of T. Shanin based on data on the socio-economic situation of the peasantry in Russia in 1910-1925. We have carried out a study of the socio-economic situation of the Russian population for the period 2013-2021 based on statistical data and analysis of cyclical mobility. The direction of the shift of the obtained curves downwards in terms of total and average per capita incomes of the population, the amount of social payments and compensations confirmed the improvement of the socio-economic situation of households by 2017 and deterioration by 2021.. The increase in the steepness of the obtained curves by 2021 is characterized by the polarization of the property status of the population, an increase in the concentration of monetary and total income in the middle range. The curve in terms of social benefits, compensations and other payments to the population is characterized by a type of cyclical mobility.

How does monetary policy affect income and wealth inequality? Evidence from quantitative easing in the euro area

SummaryThis paper evaluates the impact of quantitative easing on income and wealth of individual euro area households. We first estimate the aggregate effects of a quantitative easing (QE) shock, identified by means of external instruments, in a multi‐country vector autoregression (VAR) model with unemployment, wages, gross operating surplus, interest rates, house prices, and stock prices. We then distribute the aggregate effects across households using a reduced‐form simulation on micro‐data, which captures the portfolio composition, the income composition, and the earnings heterogeneity channels of transmission. The earnings heterogeneity channel is important: QE compresses the income distribution because many households with lower incomes become employed. In contrast, monetary policy has only negligible effects on the Gini coefficient for wealth: While high‐wealth households benefit from higher stock prices, middle‐wealth households benefit from higher house prices.