Stephen M. Miller (Economics and Center for Business and Economic Research) and Yevgeniy Teryoshin (Economics) had a paper published by Economics Letters titled "Income Inequality and Monetary Policy Regimes.”

This paper reconsiders the possible effects of monetary policy on income inequality to determine whether monetary policy can indirectly affect income inequality and improve or worsen the well-being of individuals. We consider the effects, if any, of monetary policy shocks on the Top 1% and Gini measures of inequality, using the Romer-Romer (2004) method for constructing monetary policy shocks. Moreover, and most importantly, we consider the possibility of structural breaks in the relationship between monetary policy shocks and inequality using the methodology of Bai and Perron (1998, 2003) and Ditzen, et al. (2021). Consistent with the prior literature, tighter monetary policy normally increases inequality. But in accounting for potential structural breaks in the relationship, we find that this relationship varies across time and reverses following the Volcker disinflation during the Great Moderation.