Did The Fed's Quantitative Easing Make Inequality Worse?
Event: Did The Fed's Quantitative Easing Make Inequality Worse?
Event Host: The Brookings Institution Hutchins Center On Fiscal and Monetary Policy
When/Where: 9:30am - 12:30pm EDST, Monday June 01, 2015, The Brookings Institution, Washington, D.C.
Event Web link: www.brookings.edu/events/2015/06/01-inequality-and-moneta...
Event Video (3:24:37) www.youtube.com/watch?v=vdd7C9sr23Q#t=1088

Event Agenda:
Welcome David Wessel, Director, The Hutchins Center on Fiscal and Monetary Policy
Senior Fellow, Economic Studies, The Brookings Institution

Featured Paper: Inequality And Monetary Policy, Conventional And Unconventional
Author: Josh Bivens, Research and Policy Director, Economic Policy Institute
Discussant: Susan Lund, Partner, McKinsey Global Institute

Featured Paper: Distributional Effects Of Monetary Policy
Author: Matthias Doepke, Professor of Economics, Northwestern University
Author: Veronika Selezneva, Graduate Student, Northwestern University
Discussant: Jean Boivin, Partner, BlackRock

Featured Paper: Regional Heterogeneity And Monetary Policy
Author: Erik Hurst, V. Duane Rath Professor of Economics and John E. Jeuck Faculty Fellow, University of Chicago
Author: Andreas Fuster, Senior Economist, Capital Markets Function Federal Reserve Bank of New York
Discussant: Mark Zandi, Chief Economist, Moody's Analytics

Panel Discussion
Moderator: David Wessel, Director, The Hutchins Center on Fiscal and Monetary Policy
Senior Fellow, Economic Studies, The Brookings Institution
Donald Kohn, Robert S. Kerr Senior Fellow, Economic Studies, The Brookings Institution
Jean Boivin, Partner, BlackRock
Susan Lund, Partner, McKinsey Global Institute
Kevin Warsh. Distinguished Visiting Fellow, The Hoover Institution

Event Overview:
A widely heard criticism of the Federal Reserve’s purchases of trillions of dollars in bonds, or quantitative easing, is that the Fed
increased inequality by pushing up prices of stocks, bonds, and other assets already in the hands of the wealthy. Did it? What role does
monetary policy play in influencing the distribution of income and wealth? Would alternative policies have had different distributional
effects?
On June 1, the Hutchins Center on Fiscal and Monetary Policy presented three new papers that explore these questions. Josh Bivens of the Economic Policy Institute looked at the channels through which conventional and unconventional monetary policies influence inequality. Matthias Doepke and Veronika Selezneva of Northwestern analyzed the impact of monetary policy on the distribution of
wealth across households. Finally, Martin Beraja, Erik Hurst and Joe Vavra of the University of Chicago, and Andreas Fuster of the New
York Federal Reserve examined whether regional differences should figure into monetary policy decisions that may affect inequality.
Responding to the papers and discussion was Brookings Robert S. Kerr Senior Fellow Donald Kohn, Kevin Warsh of the Hoover
Institution, McKinsey’s Susan Lund, Mark Zandi of Moody’s Analytics, and Jean Boivin of BlackRock.

Articles, Blog Posts:
www.brookings.edu/blogs/ben-bernanke/posts/2015/06/01-mon...
Monetary Policy And Inequality
Ben S. Bernanke, June 1, 2015 9:00am

www.marketwatch.com/story/fed-should-sell-assets-before-h...
Fed Should Sell Assets Before Hiking Rates, Ex-Official Says
By Greg Robb, MarketWatch
Published: June 1, 2015 3:15 p.m. ET

www.marketwatch.com/story/feds-qe-policy-helped-most-in-r...
Feds QE Policy Helped Most In Regions That Didn’t Need It, Study Finds
By Greg Robb, MarketWatch
Published: June 1, 2015 8:55 a.m. ET
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