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This paper explores whether unconventional monetary policy operations haveredistributive effects on household wealth. Drawing on household balance sheetdata from the Wealth and Asset Survey, we construct monthly time seriesindicators on the distribution of different asset types held by Britishhouseholds for the period that the monetary policy switched as the policy ratereached the zero lower bound (2006-2016). Using this series, we estimate theresponse of wealth inequalities on monetary policy, taking into account theeffect of unconventional policies conducted by the Bank of England in responseto the Global Financial Crisis. Our evidence reveals that unconventionalmonetary policy shocks have significant long-lasting effects on wealthinequality: an expansionary monetary policy in the form of asset purchasesraises wealth inequality across households, as measured by their Ginicoefficients of net wealth, housing wealth, and financial wealth. The evidenceof our analysis helps to raise awareness of central bankers about theredistributive effects of their monetary policy decisions.

Monetary Policy and Wealth Inequalities in Great Britain: Assessing the role of unconventional policies for a decade of household data