This paper develops a novel methodology to measure the redistributive effects of monetary policy. In addition to pure measurement, our methodology provides an assessment of whether and how much the redistributive effects of monetary policy matter for the aggregate effects of monetary policy. We apply our methodology to measure the redistribution between different groups in the U.S. economy, based on labor and asset income, age, gender and race. We find that the redistribution across such demographic groups induced by monetary policy is large in the data.