This BIS Working Paper examines the impact of monetary policy on inflation heterogeneity along the income distribution in several euro area countries. The study finds that monetary policy has differential effects and identifies two channels that point in opposite directions. Firstly, different consumption shares imply that inflation by high-income households responds less to monetary policy. Secondly, the paper provides new evidence that there are significant differences in shopping behavior and its reaction to monetary policy, which imply that inflation by high-income households responds more to monetary policy. These findings have important implications for policymakers and highlight the need for more targeted monetary policy measures.
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