Brunnermeier and Sannikov, for instance, argue that targeted monetary policy leads to redistributive effects that help mitigate financial frictions. I think credit-easing policies are an explicit example of that since specific types of lending are being supported.
7 Lagarde, C. (2021), “Towards a green capital markets union for Europe”, speech at the European  Commission’s high-level conference on the proposal for a Corporate Sustainability Reporting Directive, Frankfurt am Main, 6 May. 8 Lagarde, C. (2021), “Globalisation after the pandemic”, 2021 Per Jacobsson lecture at the IMF Annual Meetings,  16 October.