Are all the redistributive effects of zero-interest-rate monetary policies understood?

Zero-interest-rate monetary policies can generate drastic and not necessarily desirable redistributive effects (we illustrate our remarks with the case of the euro zone): The fall in interest paid by governments, companies and households improves borrower solvency, but gives rise to “zombie” firms (inefficient companies that only survive thanks to the low interest rates); The fall in interest received by households is a tax on savings that may excessively discourage savings; The fall in interest received by banks weakens them and may reduce credit supply. The redistributive effects also concern wealth. The rise in real estate prices caused by the zero interest rates is good for homeowners but bad for new buyers. We see that the overall redistributive effect caused by zero interest rate policies is complex and may contain highly negative components (weakening of banks, zombie firms, housing costs for the young).