Kai Daniel Schmid conducts an integrated stability-theoretical analysis of interest rate policy, which takes into account the adjustments of production capacity to changes in goods demand. The author demonstrates how short-term interest rate impulses can also have real economic consequences in the long run. Since the 1990s, central banks have primarily ensured the stability of goods prices through interest rate impulses. Macroeconomic models for estimating appropriate interest rate changes typically rely on the conventional separation of the business cycle and growth trend. As a result, they largely overlook the systematic effects of monetary policy on the growth factors of an economy. Kai Daniel Schmid expands this perspective towards an integrated stability-theoretical analysis that considers adjustments of production capacity in response to changes in goods demand.