Common Wealth is the essential requirements of socialism with Chinese characteristics，It is the common expectation of the people，It is an important feature of Chinese -style modernization。The 20th National Congress of the Party is proposed，"To standardize the order of income allocation，Standardize Wealth accumulation mechanism "。Reduce the gap between income and wealth，It has become a problem that needs to be solved on the road of Chinese -style modernization。In the context of common prosperity，Research on the impact of monetary policy on the gap between income and wealth，It has important inspiration and reference significance for promoting the realization of common wealth goals。

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Since the 1980s，The gap between income and wealth has expanded in almost all countries around the world，This kind of gap is also attracted much attention in China，Gini coefficient has been hovering at a high position for a long time。At the same time，The gap between family wealth is more obvious than the income gap，And real estate has become an important reason for the expansion of family wealth gaps。Calculate data based on CFPS survey，The proportion of Chinese residential household bet365 best casino games real estate accounted for 75.7%for total household assets，The contribution of real estate to the gap between wealth is about 70%。theoretically，The factors that cause the economic gap are multi -dimensional，such as globalization、Technical progress、Population Trends、Changes in labor market changes, etc.。In addition，More and more studies also indicate，Loose monetary policy will also exacerbate income and wealth gap，The theoretical mechanism that affects the gap between the income gap is given below。

First，Loose monetary policy will affect income distribution and wealth valuation。Because different families are in income composition、Savings habits and investment capabilities are different，These can affect the impact of monetary policy on revenue distribution and wealth valuation。such as，Monetary policy through investment portfolio channels，It can affect the income or positive or negative impact on family investment income，Generally, families holding financial assets and real estate get more investment income。At the same time，Monetary policy will affect asset prices through interest rate changes，Usually loose monetary policy will significantly improve a variety of asset prices including real estate，Investment income and financial assets as an important part of family wealth，Fortunately, wealth Bet365 app download value can be increased when implementing loose monetary policy。

Second，Loose monetary policy will exacerbate the gap between the rich and the poor。Since the financial crisis，Main countries have long implemented quantitative easing monetary policy，Global long -term interest rates and actual neutral interest rates continue to decline。Accompanied by it is，The gap between countries deteriorates sharply，It has caused concerns about whether the loose monetary policy exacerbates the gap between the rich and the poor。theoretically，Loose monetary policy benefits the rich by increasing investment income and asset prices，Then the gap between the rich and the poor expands。Empirical results are fully supported by this，Loose monetary policy will significantly increase the per capita income and per capita wealth of the family，But the impact on the latter is greater。In addition，The impact of monetary policy on family income and wealth is heterogeneous，That is the loose monetary policy to high income、The impact of high net worth families is far greater than low income、Low net worth family。So，Asymmetric due to the impact of monetary policy，The result of its accumulation of wealth must be asymmetric。

third，The impact of loose monetary policy on the gap between wealth is related to real estate。Considering the family's preference for real estate investment，Existing bet365 best casino games research discovery，The reason why monetary policy has a greater impact on the gap between wealth，It is because of the overall rapid rise of real estate value，and urban and rural、serious imbalance in the development of real estate in the area，That is, real estate is an important factor that causes the impact of monetary policy on the gap between wealth。Usually when house prices rose rapidly，Family wealth holding more real estate will increase faster。In addition，Urban and rural real estate market division background，Rural real estate is difficult to valuation because of low liquidity，Small appreciation space，Loose monetary policy leads to the growth rate of urban family income and wealth is much larger than rural households，expanded the gap between urban and rural areas，Given the gap between the rich and the poor in the entire society。Similarly，Real estate development is also seriously unbalanced in different regions，This has led to the impact of loose monetary policy on household income and wealth in the East developed regions significantly higher than in the underdeveloped regions in the central and western regions。

　　Policy -oriented 

Guided by common prosperity，A better identification of the impact of loose monetary policy on the gap between residents' income and wealth，You need to always adhere to the neutrality of monetary policy，Actively and steadily develop the real estate Bet365 app download market，Adhere to the concept of balanced sharing economy。

First，Adhere to the stability of monetary policy。Monetary credit policy led by the Central Bank，is a macroeconomic force that affects the gap between income during the business cycle。For this，It should be highly concerned about the impact of monetary policy on the income gap，Fully estimate the role of different policy portfolios on income and wealth distribution，Strengthen theoretical research and public communication。Maintaining monetary policy fixed force，Never engage in "Big Water Manflies"，more cautiously maintain long -term policy stability，Avoid the influence of short -term policy goals。Especially when the supply of funds in the financial market is relaxed to cope with the economic recession，It should be flexibly used to use various structural monetary policy tools，Make it playable。

Second，Actively and steadily develop the real estate market。Given that monetary policy mainly affects family wealth through the real estate market，Still need to adhere to the policy of "not living in the house" for a long time。Stable urban real estate price，Optimize affordable housing financial services。At the same time，Drives to make good use of rural residents' assets，Breaking the dual -level pattern of urban and rural real estate，In rural houses、Forest Quan、Based on the confirmation of land contract Bet365 app download management rights，Gradually form a real estate trading market with integrated urban and rural areas，Reasonable and orderly increase rural household income and wealth。

third，Adhere to the concept of balanced sharing economy。Continuing development is the first priority，Coordinated urban and rural、Regional balanced development，Continuously improving the proportion of urban land transfers to the rural areas。Use the fiscal and tax incentive constraints，Give play to the role of tax regulation，Make it alleviate the gap between income and wealth。Follow the regulatory role of tax -related taxation，Establish and improve inheritance tax、Property tax and capital income tax are centered and re -assigned long -term mechanisms。Actively and steadily promotes real estate tax -related legislation，Pilot levies for inheritance tax and gift tax。In addition，It should also increase the popularity of education input and financial knowledge，Improve the financial literacy of the whole people，Vigorously develop inclusive finance，Promote financial resources to benefit more families。

　　(Author Unit: School of Economics and Finance of Xi'an Jiaotong University)