Bond price increases are fairly neutral and equity price variations aggravate inequality but their effect is smaller than the one from housing prices, at the euro area level. The overall effect of APP on wealth distribution in the four countries analysed for the recent period in Chart 6 should therefore not come as a surprise.
Let me now discuss how the effects of APP on income of individual households are estimated. The impulse responses give information about the aggregate response of the intensive (wages) and the extensive (unemployment) margin.