How does unconventional monetary policy affect income inequality? Evidence from the USA

This thesis examines the effect of unconventional monetary policy on inequality in the United States between 1996Q1 and 2013Q3. A vector autoregressive model (VAR) is applied to isolate this effect. The last decade, inequality became at the heart of monetary policy and cannot longer be seen as a side effect. Instead, we have to pay attention on the income distribution consequences when central banks are forced to conduct unconventional monetary policy as not all households are affected equally.