The winners and losers of the new economic equilibrium in OECD countries

The OECD’s economic equilibrium has complex characteristics: Expansionary fiscal policy; Expansionary monetary policy, with interest rates lower than growth rates; A skewed income distribution to the detriment of wage earners; The redistributive effects of this equilibrium are themselves complex. It is: Good for those who receive higher public transfer payments or tax cuts; all borrowers (government, companies, indebted households); owners of real estate, the prices of which rise thanks to the low interest rates; company shareholders thanks to the skewing of income distribution; Bad for banks and bondholders due to the low interest rates; and wage earners, due to the skewing of income distribution. The re is a complex overlapping between the winners and the losers.