Asset price changes following the adoption of quantitative easing (QE) policies in the eurozone have significantly increased net wealth inequality, a working paper published this month by the Bundesbank argues.

In Distributional consequences of asset price inflation in the euro area, Klaus Adam and Panagiota Tzamourani use data from the household finance and consumption survey to track the impact of QE on the distribution of wealth among eurozone households. They examine the price increases in