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The Impact of Monetary and Tax Policy on Income Inequality in Japan
[unavailable]
2018-04-27
出版年2018
语种英语
国家国际
领域气候变化
英文摘要 The Impact of Monetary and Tax Policy on Income Inequality in Japan

Japan's tax policy reduced income inequality but the Bank of Japan's monetary policy significantly increased income inequality.

We assess the effects of the most recent monetary policy behavior of the Bank of Japan (BOJ), in particular, zero interest rate policy and negative interest rate policy, and the Japanese tax policy on income inequality during the first quarter (Q1) of 2002 to Q3 2017. The vector error correction model developed in this research shows that increase in money stock through quantitative easing and the quantitative and qualitative easing policies of the BOJ significantly increases income inequality. On the contrary, Japanese tax policy was effective in reducing income inequality. Variance decomposition results show that after 10 periods almost 87.15% of the forecast error variance of the inequality is accounted for by its own innovations and 3.76% of the forecast error variance can be explained by exogenous shocks to monetary policy shock—the money stock. The short-term interest rate also accounts for the increase in inequality by 0.47%. On the other hand, the total tax and real gross domestic product contributed in reducing the inequality measure, respectively, by 6.65% and 1.96% after 10 periods.

WORKING PAPER NO: 837
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来源平台Asian Development Bank
文献类型科技报告
条目标识符http://119.78.100.173/C666/handle/2XK7JSWQ/235132
专题气候变化
推荐引用方式
GB/T 7714
[unavailable]. The Impact of Monetary and Tax Policy on Income Inequality in Japan,2018.
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