How does monetary policy, and macroeconomic policy more generally, affect the distribution of income? This depends to some extent on what we actually mean by the distribution of income. There are a number of possibilities. Are we interested, for example, in the personal distribution of income - equality versus inequality? Or, in what is sometimes called social justice (emphasis on the word social ), meaning distribution among groups arranged by some sort of collective attribute, such as age, class, ethnicity, gender, national origin and so on. Also relevant, within a primarily capitalist system, is the functional distribution of income - between profit, interest, and wages. Another key question, then, is whether, and to what extent, the different concepts of income distribution are related. In this lecture, we turn again to numerical methods which help predict the effects on the functional distribution, at least, when there are monetary policy changes.