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.
That is certainly not true across countries, and there is not much to suggest it is true within countries either. What is more, as a recent study by the Bundesbank points out13, those who claim that monetary policy worsens inequality typically do not consider the counterfactual.