Résumé court :

This paper analyzes the differentiated effects of monetary policy instruments on the distribution of wealth in the United States. Using the Distributional Financial Accounts, the authors show that interest rate cuts temporarily reduce wealth inequality but increase it in the medium term, while asset purchases raise inequality only in the short term.

The analysis highlights distinct transmission channels depending on households’ position in the wealth distribution: housing contributes to short-term gains among less wealthy households but leads to increased mortgage debt and lower net wealth over time. In contrast, corporate equities explain the rise in wealth among top-income households. Using individual-level data from the Panel Study of Income Dynamics, the authors confirm these dynamics and identify a wealth reversal at the bottom of the distribution.