Inequality and Monetary Policy

Perhaps top 1% share (especially in wealth). Because of the induced stock market boom, but this is uncertain. Certainly not 90-10.

Monetary policy affects asset prices -> redistributes wealth (if assets not held symmetrically).See e.g. "Redistribute monetary policy" 2012

There are likely distributional effects but unpacking the full extent of them is a continuing area of research. I attach one useful survey.
-see background information here

How could it not have? No idea how much, but why would the distribution of income be invariant to such a thing?

A lot of low to mid income workers would have had no jobs absent the Fed's policy. This is a first order impact on the 90-10 income spread.

Monetary policy has distributional effects; it should however not be made on that basis.

compared to what? if the fed hadn't cut rates to 0+QE, the recession would have been deeper and that would have made inequality even worse

easy to tell stories of an effect and stories of no effect-- i'm unaware of meaningful evidence.

That policy had essentially no macro effects considering effects on long-term bonds and those of funding with reserves at above-market rates

Quantitative easing has boosted asset prices, reduced interest rates and lowered unemployment. The overall effect on inequality is unclear.

The 90th percentile is below the wealth level most affected so the answer is not obvious.

"Income" includes capital gains. The low interest rates have surely contributed to the substantial capital gains that accrued to the rich.

Technology, globalization and regulation are much bigger contributors.

Probably helped the bottom a bit, but monetary policy would be way, way down on the list of factors affecting inequality.

Agree with some caveats.
-see background information here

Fed policy probably helped stock market investors, but it also probably helped employment. Unclear which effect was stronger.

Fed policy may have had an effect, but this is swamped by the effects of other government policies and structural changes in the economy.

Distribution effects of monetary policy are difficult to determine.

I'm pretty sure the 90-10 income ratio has been affected, but I'm not sure in which direction and I doubt the magnitude is big.

How would anyone know? Must be wrong but which way?