 V pasačovamo na manske reserce, ki dobrovamo na reserčnaknam. Prvam pri zeločenje in nekaj je povedal refes in fiskav polizicja. Se splodimo, da je stavil se opotrečenje za nekaj, kaj je za svoje, ki je bilo in bo, tudi, da vse polizije izgleda vse polizije, ki je exogenični, kaj je vse ekonomijne konditioni. V reserciju naučenju, kaj je, nekaj je exogenični, nekaj je monotari in fiskopoliziji šoks. Našli, nekaj je vse, da za monotarii poliziji šoks nekaj je nekaj kraj, kaj je koncentru, prejdišljosti reserči, kaj je izgleda exogenične vseče, zato vseče vseče v U.S. in v U.K. Vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče vseče. This is actually an aspect of policy that tends to noderate trade kavs but actually either situation or win-win or situation, lose-lose. This is a slide that's going to slightly repeat what I just said. There's been a large focus about the role of reform , Or statute of reference in discussing what may affect inequality, but in general there is much less debate about the role of the man polices. And the debate actually started in the most recent years. In the case of, for example, all the US or other advanced economies, there has been argument by some that the extremely accommodative monetary policies implemented in some of these economies ker nekovorila in nekovorila da odpakiči, na prikroni sem izgovorila zelo naprošenje lase, ko ne kaj več nezame na tega v zelo ekonomi. Pobawila skup oftena, polači zelo evo še na pravštimi. Pagdaj prezeteva prezettino, kako prezetteleni, zelo Snečne in vsev moži pos thirtyh zakonom, kako misljili vsemi posao prikroni. in počinaj prejzvosti, če se je, da potrebno, počinaj, na našem, kot je to, da neč tako, je to, da je inšta, našte se je vzloženo, da je zelo, da je vzloženo, ki da je našto, da je to, da je to, da je to, da je to, da je to, da je to, da je to, da je to, da je to,ramble,δήške potencije čelo Internal Policy raised but recent research for the U.S. Suchs that,indeed, there could be some challenge that. Basically from a theoretical point of view, you may think that The Monetary Policy Actions in Seriously Directions in the negotiating or construction can have done set distributions and had a very complicated and in some cases opposite way, The moment comes when it depends on some of the channels through which monetary policies in general affect key economic variables. For example, you may think that when a central banks reduce interest rates, by doing so basically what we lead is to an increase in asset price. Na av конu粉omom, Use graves are usually people that are... Inekni interest rates are usually people that are at the beginning of the shocks that are better off. So by doing so, and by basically lowering the interest rates and therefore are increasing the asset price, you are going to make these even richer in them. Another argument in this direction is that typically when for example you reduce the interest rates in the monetary base of recession, zazviti inflasion, šte minori brigadega bo shed Yellow kasht -" in stThey good for, so under form of cash". V inflation basically you are going to tax a part of their income for consumption, This actually may even worsen inequality. Vsečo, da je dobro tukaj zelo zelo počku ogledaj, še je veliko in pozdravljena in pomečenja in inflacije prijezvačne tem, in raznosti in tukaj in inflacije. In izgovor, da je poslednja, da je to izgovor, da je tukaj vsečne, da je zelo, da je tukaj vsečne, Evropija Central Bank, Mario Draghi, sej se, da vseč, kako Central Bank, kaj je zelo, da je naprej vsečo ekonomijne aktivitve, z evočnoj in monitorijne polizije, je vseč, zelo početno, da je začala vseč. In nekaj je vseč, in tudi je to, da je bilo spet, da je kot sem, da je bilo, da začala vseč vseč, da je vseč vseč vseči vseči vseči vseči. In zelo, da je vseči, da je vseči, da je vseči, v baršcuvarih včinku so zelooknih včalj. Po tem, da prišljeni bile ljubi inteljavnih dobro in ljubi zelooknih, boi narednega rosta izpronovana, in zeločno, da tražene i zeloče našli zeloj, narednega rosta izpronovana in tezda postavljenja. Zato je pravda poločnega argumenta, da pa izpronovanao nekoda učenje račnega, according to, if it is a zoning based on the interest rate, imagine that you reduced real interest rate. They will retain share in income. You have a shift of net wealth from land and borrowers. Unexpected decline in the real interest rate will make better os that think favorable deals bar. that are more financial constraint. So these are very intricate channels through which monetary policies can affect inequality. So ultimately, if we want to access whether indeed the expansion of monetary policies is going to increase or reducing equality, we have to do this empirically. The empirical evidence is mostly focused on the U.S. or a few advanced economies In vsega začem jezdačne vsega vzbah vzbah in, kako se objah pa ne predpravila, njih ima, da se vzbah polizija zrednjeva na vsega jazda, tudi neč nekaj vsega. Sem je izgleda na Japana in svojih kraj, nešč jazdačne, zdaj je nekaj, da je nekaj izgleda, in da je ga vzbah vzbah polizija zača, da nukrat jesem za njacko in so malo bolje po skupu. S rodnevam do sečete kratiljamo zelo priplataj smo zelo zakonoke in izdajte zakonoke izzavljenje, in zato se ml late in drugi tih tega z nekaj režim lotionov drugi izveč, da se kratila. Daj mi pa tega nekaj zelo kratiljamo. Kaj smo videli, da, when central banks, for example, does an expected increase in its interest rate, this policy is typically associated with an increase in equality. So, construction monetary policies tends towards more the poorer than the richer. We find that this effect tends to various over time, depending on the signs of the shocks, on the state of the business cycles, and depends also on some of the country economic characteristics. The main one is the labor share of income. And this is because, as I mentioned before, and actually, as Mario Draghi was claiming, is that the labor income is a significant chance through which any demand policy is going to affect income distributions. And finally, we find some role that distribution policies can, in some situations, offset some of the effect of construction monetary policy. Let me be, again, very brief to tell you how we construct these shocks and what are some of these results. So, what we do is we construct innovations for monetary policies, and actually, we do the same for fiscal policies, using an expected change in key variable. So, for example, for monetary policies, we look at an expected change in short-term interest rate. For fiscal policy, we look at an expected change in, let's say, government expenditure, government consumption, government investment. In the case of monetary policies, because we need higher frequency, we realize on private sector forecast that are the forecast by consensus. And what we do is we look at the unexpected change in a key variable for monetary policy that is the short-term rates, and we purge this unexpected change, but any expected innovations that are, for example, on inflation, on economic activity, or on a bunch of several variables. What we show is that these measures have several econometric properties that are very good in terms of access, if a measure is exogenous or not, or it behaves well, et cetera. And what we find is that once we put monetary policy shocks or fiscal policy shocks in a framework that allows to look at what happens at different measure distributions following these shocks, we find that both fiscal and monetary shocks have significant distribution effect. This is some of the results for monetary policy shocks. What this shows here is what happens to the gene coefficient following a contraction of monetary policies by 100 basis point. So, what you see is the average response, and these are confidence months that give you a sense of the precision of the estimates. Basically, what you see is that following a contraction in monetary policies, an exogenous contraction in monetary policies, you tend to see that the gene measure of income distribution tends to increase, so inequality tends to worsen. In similar results, you find it if you look at measure of poverty, but also if you look at refined measure of distribution, for example, looking at the top 1% title of the distribution, the top 5% and the top 10%. So, what we find in this stream of work is that not only as a genetic emphasize supply side policy as a structural reform may have distribution effect, but we find also that macroeconomic policies are likely to have distribution effect. Another element that we find is that not only this policy affect the distribution of income across the entire distribution, but also affect the distribution of income between capitalist labor in the sense that we typically see that both contraction in monetary and fiscal policies tend to more contract the share of income for workers than the share of income attribute to capital. So, let me stop here, and I will give the floor to my colleague, Stfanef Abritz. Thank you.