Indeed, once all the channels mentioned above have been aggregated, losses and gains may appear more or less evenly distributed across households. At the Bank of Italy, for example, we have extensively analysed the consequences of the ECB's accommodative monetary policy in 2011-12, following the very dismal consequences of the euro area sovereign debt crisis.
If anything, the expansionary stance during those years contributed to reducing income inequality in Italy, mainly by supporting the employment and wages of low-income households.