4 This finding has several possible - and not mutually exclusive explanations, ranging from illegal discrimination to the effects of legitimate pricing factors not captured in the HMDA data, such as loan-to-value ratios and borrower credit history.
While the maintenance of price stability is the best contribution that monetary policy can make to sustaining strong economic growth, other actors also need to play their part if we are to turn the currently favourable prospects into a lasting period of economic growth and employment creation.