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241. Federal Reserve Monetary Policy and Wealth Inequality

Author:
Aaron Medlin and Gerald Epstein
Publication Date:
04-2023
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
This study analyzes the impact of conventional expansionary monetary policy on wealth inequality in the United States from 1976 to 2012. We use the local projections instrumental variable (LP-IV) approach for our estimation method and employ two monetary shock series to identify the causal effect. High-frequency data is obtained on the distribution of real net wealth and the Gini index from two new sources: Realtime Inequality and the Federal Reserve’s Distributional Financial Accounts (DFA). We find that expansionary monetary policy has positive and persistent effects on wealth inequality over the medium term, in contrast to previous research. Specifically, an expansionary policy of 100 basis points cut in the policy rate increases the share of wealth for the top 10 and 1 percent and reduces the share for the bottom 50 and middle 40 percent of the distribution. Overall, wealth inequality, as measured by the Gini coefficient, increases around 0.005 on the Gini scale (between 0 and 1) with Realtime data and around 0.015 using DFA data. We also find that the effect size of expansionary policy on inequality varies over prior decades; the effects between 1976 and 1980 are smaller and transient relative to the periods since. We also find that expansionary policy increases wealth inequality regardless of the business cycle. However, its effects are more substantial during economic expansions. Lastly, we estimate the historical contribution of monetary policy to the variation in wealth distribution and find that it does account for significant variations in wealth distribution during certain periods of recent U.S. history.
Topic:
Monetary Policy, Federal Reserve, Economic Inequality, and Wealth Distribution
Political Geography:
Global Focus

242. HIV, Hepatitis & Drug Policy Reform

Author:
Global Commission On Drug Policy
Publication Date:
12-2023
Content Type:
Special Report
Institution:
Global Commission On Drug Policy
Abstract:
This report, “HIV, Hepatitis & Drug Policy Reform” follows the Global Commission’s thematic reports on “The War on Drugs and HIV/AIDS” (2012) and “The Negative Impact of the War on Drugs on Public Health: The Hidden Hepatitis C Epidemic” (2013). Despite a decade-old call for urgent action, current drug control efforts fail, with HIV and hepatitis prevalence persisting among drug users. In 2023, approximately 354 million people around the world are currently living with hepatitis B or C. People who use drugs, especially people who inject drugs, are at a higher risk for blood- borne HIV, hepatitis B and hepatitis C. Although there has been some success — for example, the scale-up of antiretroviral treatments that reduced HIV related deaths to their lowest in almost three decades — progress has been uneven and people who use drugs are still left behind. This must change. Prohibition and criminalization of drug use hinder HIV and hepatitis prevention, escalating risks and obstructing treatment. People who use drugs face disproportionate incarceration, abusive policing, and stigma. Inadequate resources are dedicated to proven harm reduction options while billions are spent on punitive law enforcement measures. Achievable UN targets for ending these epidemics by 2030 exist, but a crucial course correction demands political will to embrace a new approach to drugs. The time to act is now.
Topic:
HIV/AIDS, Reform, Drugs, Public Health, and Hepatitis
Political Geography:
Global Focus

243. Financing Women, Peace and Security: A Review of WPS National Action Plans from 2005 to 2022

Author:
Our Secure Future
Publication Date:
05-2023
Content Type:
Policy Brief
Institution:
Our Secure Future
Abstract:
This publication is a policy brief accompanying an upcoming in-depth report on financing Women, Peace and Security (WPS) National Action Plans (NAP). This brief provides an overview of WPS NAPs, as well as the current state of funding for WPS NAP implementation, and a breakdown of this data by region. Stay tuned for the upcoming report to learn more about financing WPS NAPs. Key Findings: • As of early 2023, 31 countries out of 101 have estimated the amount of money required to implement WPS NAP activities. Available information does not illuminate whether these funds are secured. • More than 50 WPS NAPs out of 101 mention that a budget is needed to implement WPS activities, but do not include specification of funding. • The majority of WPS NAPs with budget estimates identify responsible parties for activity implementation, including ministries and/or government institutions, predominantly related to foreign affairs and gender equality.
Topic:
Security, Foreign Policy, Budget, Women, Finance, and Peace
Political Geography:
Global Focus

244. Framework to Decolonize Child & Youth Philanthropy

Author:
DA Global
Publication Date:
06-2023
Content Type:
Special Report
Institution:
Elevate Children Funders Group
Abstract:
In 2022, ECFG commissioned Degan Ali and her team to lead us through a decolonizing grantmaking journey that included learning webinars, collective learning and reflection, the identification of promising practices, and the development of a framework that funders could use to elevate equitable grantmaking. After developing an understanding of our network’s needs and goals, our decolonizing philanthropy working group engaged in deep partnership design with DA Global to create The Decolonizing Child and Youth Philanthropy Framework. This framework recognizes that our members and partners are at different stages of their journey in tackling colonialism within their organizations and grantmaking. While there are universally relevant lessons gained from existing decolonization efforts in the philanthropic and charity sectors, this framework is designed to support the different types, sizes and needs of the funders who belong to this group. This is not a magic solution, but a tool in our decolonizing child and youth philanthropy toolbox. This tool is intentionally focused on supporting those who have embarked on a change process within their organizations, those who want to make additional adjustments, and those who are grappling with how to get started.
Topic:
Children, Youth, Decolonization, and Philanthropy
Political Geography:
Global Focus

245. Global Resources Report: A Francophone Perspective

Author:
Global Philanthropy Project (GPP)
Publication Date:
05-2023
Content Type:
Special Report
Institution:
Global Philanthropy Project (GPP)
Abstract:
We are pleased to present this special brief for the Global Resources Report: Government and Philanthropic Support for Lesbian, Gay, Bisexual, Transgender, and Intersex Communities, with a Francophone perspective. The Global Resources Report is a comprehensive report on the state of funding by foundations, corporations, NGO intermediaries, and government and multilateral agencies for lesbian, gay, bisexual, transgender, and intersex (LGBTI) issues. The Global Resources Report has published four biennial editions to date, analyzing data from the years 2013 to 2020. Such remarkable research work allows us to release this special report, which aims to document the funding specifically awarded to LGBTI communities in Francophone countries or territories, showing comprehensive data across eight years. This edition covers 1,002 grants awarded by 84 foundations, intermediary NGOs, corporations, and 10 donor governments, and multilateral agencies. The report details the distribution of LGBTI funding by geography, issue, population focus, and donor type.
Topic:
Civil Society, LGBT+, Philanthropy, Funding, and Resources
Political Geography:
Global Focus