As always, monetary policy has to be directed towards how the average of the whole economy is evolving, not to what a particular sector is doing. Although we should not allow our perceptions of developments in the housing sector to determine our stance on monetary policy, in our view that does not mean we should remain silent on the subject, and we have not.
4 Müge Adalet McGowan, Dan Andrews and Valentine Millot (2017), “The Walking Dead? Zombie Firms and  Productivity Performance in OECD Countries", OECD Working Paper 1372. 5 Schivardi, Fabiano, Enrico Sette, and Guido Tabellini (2017), “Credit Misallocation During the European  Financial Crisis", CEPR Discussion Paper No.