What to make of overheating policy?

Since the 2010s, the Federal Reserve and probably also the ECB have been adept at “overheating policy”: maintaining an expansionary monetary policy at a time when the unemployment rate is low in order to help lift the participation rate, the employment rate and productivity gains. It is also believed that central banks will conduct this type of policy after the COVID crisis. But even though this policy has been successful, especially in the United States, its negative effects should not be forgotten: it gives governments an incentive not to try to stabilise or reduce public debt ratios, and, most importantly, it drives up asset prices, especially real estate prices. This leads to an important question: are the benefits of the overheating policy worth the risk of a massive housing bubble?