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This papers aims to establish the empirical relationship between income, netwealth and their joint distribution in a selected group of euro area countries.I estimate measures of dependence between income and net wealth using asemiparametric copula approach and calculate a bivariate Gini coefficient. Bycombining structural inference from vector autoregressions on the macroeconomiclevel with a simulation using microeconomic data, I investigate howconventional and unconventional monetary policy measures affect the jointdistribution. Results indicate that effects of monetary policy are highlyheterogeneous across different countries, both in terms of the dependence ofincome and net wealth on each other, and in terms of inequality in both incomeand net wealth.

Monetary policy and the joint distribution of income and wealth: The heterogeneous case of the euro area