We analyze the distributional effects of monetary policy on income, wealth, and consumption. We use administrative household-level data covering the entire population in Denmark over the period 1987 to 2014 and exploit a long-standing currency peg as a source of exogenous variation in monetary policy. We find that gains from softer monetary policy in terms of income, wealth, and consumption are monotonically increasing in ex ante income. The distributional effects reflect systematic differences in exposure to the various channels of monetary policy, especially nonlabor channels (e.g., leverage and risky assets). Our estimates imply that softer monetary policy increases income inequality.

中文翻译：

---

货币政策和不平等

我们分析货币政策对收入、财富和消费的分配效应。我们使用 1987 年至 2014 年期间涵盖丹麦全体人口的行政家庭数据，并利用长期的货币挂钩作为货币政策外生变化的来源。我们发现，从收入、财富和消费方面来看，宽松货币政策带来的收益在事前收入中单调增加。分配效应反映了不同货币政策渠道（尤其是非劳动力渠道（例如杠杆和风险资产））敞口的系统性差异。我们的估计表明，较软的货币政策会加剧收入不平等。