We are pleased to invite you to another Seminar on Empirical Economics taking place at the library of the Institute of Economic Research of the Slovak Academy of Sciences (IER SAS).

This time, the invitation has been accepted by: Steven J. Yamarik (Center for Financial Development and Stability, School of Economics, Henan University & California State University at Long Beach, USA), delivering a presentation titled:

„The Effect of Monetary Policy Shocks on Income Inequality across US states“

Abstract: This paper examines the impact of Federal Reserve policy on income inequality across US states. We use the local projections method of Jordà to estimate impulse response functions for each state. We find that a restrictive monetary policy increases income inequality in almost all states but with different magnitudes. Subsequent panel analysis examines the possible transmission mechanisms that can account for these differences. Our empirical results confirm the theoretical predictions – inequality is increased by higher inflation, home ownership, and earnings in the finance, insurance and real estate (FIRE) sector; but decreased by higher housing prices, unionization rates, educational attainment and minimum wage

The seminar will be organized in a hybrid form – for those interested, the speaker and a couple of discussants will be present in the library of IER SAS.

Date: March 20, 2024 (Wednesday) at 10:00 – 11:30