As a majority of net borrowers are in the lowest part of the income distribution, an expansionary monetary policy shock would help to narrow the income distribution.6 Third, a monetary policy shock may impact on the price of financial and real assets by affecting interest rates and expectations. The distributional consequences depend on asset ownership patterns.
3 The CICD is led by  I am grateful to Amanda Roberts and Matthew Lambert of the Federal Reserve Board and Casey Lozar of the Federal Reserve Bank of Minneapolis for their assistance in preparing this text. These remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. 2 See http://www.ncai.org/about-ncai.