Arbeitspapier
Monetary Policy, Inequality and Political Instability
Based on the concepts of justice by Hayek, Rawls and Buchanan we argue that the growing political dissatisfaction in industrialized countries is rooted in the asymmetric pattern in monetary policies since the 1980s for two reasons. First, the structurally declining interest rates and the unconventional monetary policy measures have granted privileges to specific groups. Second, the increasingly expansionary monetary policies have negative growth effects, which reduce the scope for compensation of the ones excluded from the privileges. The result is the fading acceptance of the economic order and growing political instability.
- Language
-
Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 6734
- Classification
-
Wirtschaft
Equity, Justice, Inequality, and Other Normative Criteria and Measurement
Institutions and the Macroeconomy
Monetary Policy
- Subject
-
Hayek
Rawls
Buchanan
privileges
inequality
monetary policy
order of rules
difference principle
economic order
- Event
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Geistige Schöpfung
- (who)
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Duarte, Pablo
Schnabl, Gunther
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2017
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Duarte, Pablo
- Schnabl, Gunther
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2017
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