QE and Ultra-Low Interest Rates: Distributional Effects and Risks

Since the world's financial crisis, four of the world's most powerful central banks have deployed conventional and unconventional monetary policies to stabilize markets and support growth, pushing interest rates down to ultra-low levels in the process. In terms of interest income and expense, the McKinsey Global Institute's new report shows that the biggest beneficiaries have been governments and non-financial companies. Households, insurers, and international investors have fared less well.