We have gone through a long period where inflation has been low and central banks around the world have struggled to bring inflation back up to their respective target levels. One might therefore think that the question of monetary policy’s distributional effects has become topical because inflation has been higher than expected, which has benefitted some groups at the cost of others. But this is not actually the main reason; instead it is the efforts the central banks have made to increase activity in the economy and to bring up inflation. Low interest rates have contributed to a rapid rise in prices of shares and other assets, both financial assets and real assets. This effect in itself should be inconspicuous. Asset prices normally rise when interest rates fall, which occurs in periods when monetary policy stimulates the economy. However, recent years have been special in many ways. Apart from policy rates being low for an unusually long time, the Riksbank and other central banks have also used other methods to further push down the general interest rate level, for instance purchases of government bonds. The monetary policy measures have affected asset prices in a more direct and visible manner than the conventional policy of interest-rate cuts. This has contributed to more discussion of the distributional effects of monetary policy.
Waldenström, Daniel (2016), The National Wealth of Sweden, 1810–2014, Scandinavian Economic History Review 64(1), pp. 36–54,  14 [14]