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Monetary Policy, Credit Allocation, And Income Inequality

Table 2:

(1) (2) (3) (4)
FE S-GMM FE S-GMM
Total bank credit 0.042***(0.01) 0.054**(0.017) - -
non-financial businesses credit - - - 0.043**(0.01) -0.059**(0.016)
Financial businesses credit - - 0.016**(0.007) 0.019**(0.008)
Household mortgages credit - - 0.035**(0.01) 0.039**(0.011)
Consumption credit - - -0.022***(0.008) -0.026**(0.006)
Unemployment 0.31***(0.08) 0.39**(0.06) 0.28**(0.10) 0.31**(0.08)
Income growth - 0.051**(0.014) -0.07***(0.017) -0.06***(0.015) -0.09**(0.02)
Inflation -0.028***(0.006) -0.021**(0.006) -0.015***(0.007) -0.023**(0.006)
Observation 159 52 159 52
Countries 10 10 10 10
Hausman testChi-Sq. Statisticsprob 22.890.000 - 23.330.000 -
R-squared 0.75 - 0.73 -
AR(1) test p-value - 0.031 - 0.036
AR(2) test p-value - 0.51 - 0.68
Hansen test p-value - 0.34 - 0.38
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