Our paper aims at analysing the relation between monetary policy (MP) and its transmission channels in both income and wealth inequality for the Euro Area between 1999 and 2017. We analysed three main representative MP channels (income, portfolio and earnings heterogeneity) that might explain how MP decisions may affect wealth and income distribution and the aggregate effect thereof. Although we used different measures of income inequality, we do not have sufficient data on wealth inequality. In this case, we propose an alternative measure that can translate the unequal pace of capital accumulation among households. The results we reached indicate that the increase in asset prices, mainly equity, seems to be relevant to explain an increase in income inequality. On the other hand, it seems that the declining unemployment due to MP measures helped avoid a higher increase in income inequality in the Euro Area.

本文旨在分析1999年至2017年欧元区货币政策（MP）及其传导渠道在收入和财富不平等之间的关系。我们分析了三个主要的有代表性的MP渠道（收入，投资组合和收入异质性）国会议员的决定如何影响财富和收入分配及其总体影响。尽管我们使用了不同的收入不平等衡量标准，但我们没有足够的财富不平等数据。在这种情况下，我们提出了一种替代措施，可以转化住户之间资本积累的不平等步伐。我们得出的结果表明，资产价格（主要是股权）的上涨似乎与解释收入不平等加剧有关。另一方面，