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Unconventional Monetary Policy, Income Distribution and Financial Inflation

Monetary policy have a decisive bearing on the concentration of income and wealth, but the policy makers prefer to avoid the subject and even today, there are few studies that address it. This document aims to establish the mechanisms through which monetary policy affects the concentration of income and wealth; transmission channels are established and existing errors in understanding inflation and income distribution are highlighted. It also states that the effects of monetary policy are not homogeneous, since they depend on the type of policy applied: conventional or unconventional, and shows, that the same policy, can have different effects depending on the composition of the balance of economic agents, their access to financial services, the type of assets held and specificity of the function of wealth. Finally, it states that the effects vary between developed and developing economies, and even within the same country.