Those who lost out were younger people who couldn’t afford expensive homes, as well as savers who had their money in interest-bearing accounts. For example, see Bridges and Thomas (2012), ‘The impact of QE on the UK economy – some supportive monetarist arithmetic’, Working Paper No. 442, available at https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2012/the-impact-of-qe-on-the-ukeconomy-some-supportive-monetaristarithmetic.pdf?la=en&hash=81412E5177BCE802F2D37ECF42D20144EEB9513D.
8  Page 9 of 15  As you can see, what really matters for the asset price / inequality channel is the distribution of wealth. Who has assets? In many advanced economies, the middle classes tend to have substantial stocks of housing wealth, even if most stocks and bonds are owned by richer people.