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This paper assesses the impact of uncertainty on income and wealth inequality in Germany, France, Italy and Spain. For that purpose, mixed-frequency SVAR models are used. The results show that uncertainty shocks lead to heterogeneous responses across countries. A positive uncertainty shock increases income inequality in Spain, but reduces it in Germany and France. In the case of wealth, the response is statistically significant only in Spain and Italy, where an increase in inequality is experienced. Overall, these results highlight the important role of macroeconomic stabilisation policies in situations of high uncertainty.

The effects of uncertainty shocks on income and wealth inequality