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Yves here. While this analysis targets a very important question, the impact of cheap money on racial inequality, its analysis on the balance sheet side looks more robust than on the income side. The post looks at how monetary stimulus disproportionately reduces black employment gains, and then multiples the jobs increase by the average income for black households. It seems highly probable that that approach overstates income gains since the financial crisis. First, the jobs created have been overwhelmingly low income McJobs, as in low wage and thus likely to be lower than average household incomes. Second, the post crisis job market has also featured a high level of “involuntary part-time employment” as in people who want a full time job unable to find one or even make two part time jobs add up to full time jobs. It seems reasonable to assume that people of color would be more afflicted by those developments and hence “employment recovery” might not be as rewarding as it lo

Nordrhein westfalenMoritz schularickPaul wachtelRaphael bosticMoritz kuhnAlina kristin bartscherConsumer financesFederal reserve bankFederal reserveMonetary policyYork university stern school of businessUniversity of bonUniversity of bonnDepartment of economicsNew york university stern schoolAsset prices