SummaryThis paper evaluates the impact of quantitative easing on income and wealth of individual euro area households. We first estimate the aggregate effects of a quantitative easing (QE) shock, identified by means of external instruments, in a multi‐country vector autoregression (VAR) model with unemployment, wages, gross operating surplus, interest rates, house prices, and stock prices. We then distribute the aggregate effects across households using a reduced‐form simulation on micro‐data, which captures the portfolio composition, the income composition, and the earnings heterogeneity channels of transmission. The earnings heterogeneity channel is important: QE compresses the income distribution because many households with lower incomes become employed. In contrast, monetary policy has only negligible effects on the Gini coefficient for wealth: While high‐wealth households benefit from higher stock prices, middle‐wealth households benefit from higher house prices.

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货币政策如何影响收入和财富不平等？欧元区量化宽松的证据

摘要本文评估了量化宽松对欧元区个体家庭收入和财富的影响。我们首先在包含失业率、工资、总营业盈余、利率、房价和股票的多国向量自回归（VAR）模型中估计通过外部工具确定的量化宽松（QE）冲击的总体影响价格。然后，我们使用微观数据的简化形式模拟来分配各个家庭的总体效应，该模拟捕获了投资组合构成、收入构成和收入异质性传导渠道。收入异质性渠道很重要：量化宽松压缩了收入分配，因为许多收入较低的家庭开始就业。相比之下，货币政策对财富基尼系数的影响可以忽略不计：高财富家庭从股票价格上涨中受益，而中等财富家庭则从房价上涨中受益。