In this paper we investigate the effect of income inequality on the transmission of standard and unconventional monetary policy shocks to bank loan rates. We hypothesize that income inequality might encapsulate important characteristics of credit market demand. We use an interacted panel error...

This paper uses a parametric approach to measure inequality of opportunities. It builds a simple theoretical model offering predictions on the changes of inequality of opportunity. It is expected to decline with the decline in intergenerational persistence in education, in the labour market...

Output, wages and dividends feature term-structures of variance-ratios respectively flat, increasing and decreasing. Income insurance from shareholders to workers empirically and theoretically explains these term-structures. Risk sharing smooths wages but only concerns transitory risk and,...

This paper is part of a dialogue with Blair Fix on how inflation redistributes income between creditors and workers and the way in which monetary policy affects this process. In his 2023 paper, 'Inflation! The Battle Between Creditors and Workers', Fix shows, first, that the impact of U.S....