Given stubbornly low inﬂation, the Eurosystem also adopted unconventional measures, including large-scale purchases of ﬁnancial assets. Such measures have raised particular concerns about possible distributional effects. [33] Some fear that rich households could beneﬁt from such policies at the expense of less wealthy savers.
Indeed, research generally tends to ﬁnd that unconventional monetary policy measures increase wealth inequality in the short term by driving up asset prices. [34] At ﬁrst glance, this conclusion seems straightforward, since wealthy households typically own more bonds and shares. On the other hand, home owners may beneﬁt as well because housing prices will rise, supported by low interest rates.