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##yse specific questions such as financial stability risks and over - indebtedness, but also to gain a deeper insight into the income distribution in general. 7 distributional effect of reduced unemployment and higher employment important so far we have discussed the different channels by which an expansionary monetary policy can affect income distribution via capital gains, yield and interest rates. as you will note, however, i have avoided saying anything specific about the size of the distributional effects. as i mentioned earlier, it is difficult to determine exactly how large these effects are and not even their direction is always evident. but rising stock prices and thereby larger profits when selling these assets will tend, all else being equal, to lead to a more unequal income distribution. the effect of the expansionary monetary policy on capital incomes, via rising equity prices, should therefore have led to a more unequal income distribution. however, capital income is only one part of households ’ total income ; the largest part is comprised of labour income. as with capital income an expansionary monetary policy can affect the labour income of different households in different ways. for some households the hourly wage may be what primarily determines their income development, while for others the number of hours worked is the most important thing – and above all 6 lundberg and waldenstrom ( 2016 ). see also waldenstrom ( 2016 ). 7 sveriges riksbank ( 2011 ), swedish fiscal policy council ( 2013 ) and sou 2013 : 78. 9 whether or not one actually has a job. as monetary policy affects these quantities in different ways, income distribution will also be affected. in sweden, it is primarily the differences between the income of those who have a job and those who do not that is important to the income distribution, rather than the wage differences between those who work. 8 this is clearly visible in the dispersion of disposable income, that is, income including work and capital income, as well as various transfers and after taxes are deducted. the higher the disposable income, the less common it is that one ’ s main source of support is from something other than labour and capital. people who receive unemployment benefit are mainly found in the lower part of the distribution, as are those with sickness benefit and other benefits such as activity compensation and financial support. 9 it is also clear that the group with the lowest income includes people who according to the swedish public employment service have a vulnerable position on the labour market, for instance, those born