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A lot of people say that hyper-dovish monetary policy like quantitative easing or zero/negative interest rates creates wealth inequality, and I agree. However… 1/n
The developed countries with the most QE/ZIRP (like Japan) currently have the least wealth inequality, and the developed countries with the least QE/ZIRP (like the US) have the most wealth inequality, based on data from Credit Suisse. 2/n 
Japan has had ZIRP for forever, and its QE scale is such that the BOJ balance sheet is more than 100% of the size of Japan GDP. And yet, it has low inequality. 3/n
Eurozone has had ZIRP for a while, and its QE scale is such that the ECB balance sheet is about 40% of Eurozone GDP. And yet, it has low/moderate inequality. 4/n
The US had ZIRP for a while, and its QE scale is such that the Fed balance sheet is less than 20% of US GDP. And yet, US has very high inequality for a developed country. 5/n
In other words, there’s actually an inverse correlation (probably not causal) between the amount of QE/ZIRP by a region’s central bank and the degree of wealth inequality in that region. 6/n
Fiscal policy and/or other factors seem to have a much bigger role in wealth inequality than monetary policy, but a lot of people seem very focused on monetary policy as though it’s a primary cause of that inequality. 7/n
