This is not the place for a comprehensive discussion on the determinants of trend growth in output, but most of the studies which have examined this issue focus on issues quite unrelated to monetary policy. For example, some studies have suggested that high levels of taxation discourage growth through their effect on incentives to work, save and innovate.
However, introducing a (more) neutral form of tax treatment for debt and equity financing would generally be efficiency-enhancing, besides reducing the attractiveness of being highly leveraged. Improving the neutrality of business taxation in terms of the source of financing appears to be a topic that is well worth considering for the reform agenda.