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Sacrifice ratios and the income distribution: Stylized facts for OECD countries

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  • Acevedo, Laura
  • Hofstetter, Marc

Abstract

This paper examines the distributional consequences of disinflation by estimating sacrifice ratios (percentage output losses relative to the change in inflation) for different income quintiles and the top 1% of the income distribution. We find that at the tails of the distribution the average percentage output losses are considerably higher than at the center: 1.7 times greater at the left tail, 2.7 times greater at the top 1%.

Suggested Citation

  • Acevedo, Laura & Hofstetter, Marc, 2023. "Sacrifice ratios and the income distribution: Stylized facts for OECD countries," Economics Letters, Elsevier, vol. 232(C).
    • Handle: RePEc:eee:ecolet:v:232:y:2023:i:c:s0165176523003543
    DOI: 10.1016/j.econlet.2023.111329
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    More about this item

    Keywords

    Monetary policy; Sacrifice ratios; Central banks; Inflation; Disinflation; Income distribution;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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