Those who benefit when monetary policy is loosened suffer when it is tightened. We have to be aware of these effects, of course. But should it be up to monetary policy to actively engage in redistribution policy? Well, monetary policy has a very clear goal: price stability.
While major economies in Asia and Europe appear to be on the road to recovery, the United States (US) and most of the emerging world are still very much in the midst of the crisis. Many countries – especially in Africa, Latin America and South Asia – are still experiencing increases in new COVID-19 infections.