This paper examines the distributional effects of monetary policy, either standard,
non-standard or both, on income inequality in 10 EA countries over the
period 2000-2015. We use three different indicators of income inequality in a
Panel VAR setting in order to estimate IRFs of inequality to a monetary policy
shock. Results suggest that: (i) the distributional effects of ECB's monetary policy
have been small and (ii) mainly driven in times of conventional monetary policy
measures, especially in peripheral countries, while, overall, (iii) standard and
non-standard monetary policies do not significantly differ in terms of impact on
income inequality.