But if one looks more closely, this is largely explained by an increase in residential investment among German households financed out of current income. The net lending position of German households has barely risen. In other words, decisions by households are supporting the macroeconomic objectives of monetary policy, not countering it.
This is also confirmed by survey evidence: the Bundesbank has found that just 1% of German households are saving more because of low interest rates.12  Raising the natural rate and returning to normal So if we net out the effects of the financial and macroeconomic channels, I find it hard to reach the conclusion that, over a longer time frame, the outcome of our policies has been – or will be – 11 / 13  BIS central bankers' speeches  to redistribute wealth and income in an unfair or unequal way.