Although more research is undoubtedly needed before we can speak of risktaking as a new channel in the monetary policy transmission process, major lessons for monetary policy can be drawn from the findings of this paper. In particular, the conclusions support the call for a more symmetric monetary policy that tries to look through the financial cycle in stabilising monetary policy.
Practically, this could take the form of central banks buying government debt or keeping interest rates low for a longer period of time than it would be necessary to ensure price stability. Then, traditional roles are reversed: monetary policy stabilises real government debt while inflation is determined by the needs of fiscal policy.