Expansionary monetary policy affecting asset prices in this way is actually a part of the transmission mechanism for monetary policy, that is, the way that monetary policy spreads through the economy. But the effect on asset prices is not the objective of the policy. The objective is that the expansionary policy – through the effects on interest rates, asset prices, exchange rate, access to credit, expectations and so on – will in a couple of years contribute to increasing activity in the economy and bringing up employment and inflation. It is important not to lose this perspective in discussions of the distributional effects of monetary policy, as it broadens the spectrum of effects to more than just those coming through asset prices. Moreover, it points to the difficulties in determining the size of the distributional effects of monetary policy. One such difficulty is assessing what should actually be considered an effect of monetary policy and what is rather an effect of the conditions for monetary policy having changed. In a system like the national economy, it is not an easy task to distinguish between cause and effect. The Riksbank does not operate in a vacuum; it adapts its monetary policy to changing circumstances. 3 Moreover, if monetary policy were not adapted to new circumstances, this would also have distributional effects.
Waldenström, Daniel (2016), The National Wealth of Sweden, 1810–2014, Scandinavian Economic History Review 64(1), pp. 36–54,  14 [14]