voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-4-54-66voprecotest-2823Research ArticleДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКАMONETARY POLICYКак инфляция влияет на неравенство доходов в России?How does inflation influence income inequality in Russia?https://orcid.org/0000-0001-5973-3776КартаевФ. С.KartaevPhilipp S.

Картаев Филипп Сергеевич, д. э. н., завкафедрой математических методов анализа экономики экономического факультета МГУ, вед. н. с. Института международных исследований МГИМО

Москва

Moscow

kartaev@gmail.comhttps://orcid.org/0000-0002-5300-7930КлачковаО. А.KlachkovaOlga A.

Клачкова Ольга Александровна, к. э. н., ассистент кафедры математических методов анализа экономики экономического факультета

Москва

Moscow

sparrow889@gmail.comhttps://orcid.org/0000-0001-5272-7402ЛукьяноваА. С.LukianovaAnna S.

Лукьянова Анна Сергеевна, студентка экономического факультета

Москва

Moscow

annj.lukjanova@gmail.comМГУ имени М. В. Ломоносова; МГИМО МИД РоссииРоссияLomonosov Moscow State University; MGIMO UniversityRussian FederationМГУ имени М. В. ЛомоносоваРоссияLomonosov Moscow State UniversityRussian Federation202013042020045466Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2823

В работе исследуется влияние инфляции на неравенство доходов в российских регионах. Получены свидетельства в пользу того, что снижение годовой инфляции с двузначных цифр до целевого ориентира Банка России не способствовало смягчению неравенства, а, скорее, усугубляло его. Определена группа товаров, изменение цен на которые сказывается на неравенстве. Показано, что перераспределительный эффект роста цен, приводящий к снижению неравенства в России, связан с действием канала неожиданной инфляции. Из-за нее реальное богатство перемещается от более состоятельных кредиторов к менее состоятельным заемщикам. Политика инфляционного таргетирования, успешно проводимая российскими денежными властями в последние годы, снизила волатильность инфляции и ограничила действие этого канала. В то же время количественные оценки увеличения неравенства в результате достижения ценовой стабильности остаются сравнительно низкими.

The paper studies the impact of inflation on income inequality in Russian regions. It was revealed that the reduction in inflation from double-digit rate to the Bank of Russia’s target did not help to mitigate inequality, but rather exacerbated it. We identified a group of products which changing price dynamics affects inequality. The price increase may lead to the decline in inequality through redistributive effect. It is shown that in Russia this effect is associated with the channel of unexpected inflation that results in real wealth transfer from more prosperous lenders to less well-off borrowers. The policy of inflation targeting, successfully implemented by the monetary authorities in recent years, has reduced the volatility of inflation and limited the operation of this channel. At the same time, quantitative estimates of the increase in inequality as a result of achieving price stability remain relatively low.

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The authors declare that there are no conflicts of interest present.