Is raising the interest rate good or bad for the economy?

Raising interest rates curbs inflation, strengthens the currency, but also slows down the economy.

Whether or not it's good for the economy depends on how high inflation is.

The topic is too complicated to allow any straight answer. If you are the recipient of some of that money, well, of course you would like the idea. If you have to work for a living you probably would be aware of something wrong but you would not know enough to identify what is wrong. Bankers make it as complicated as possible specifically to keep the marks from figuring it out.

A savings bank accepts cash deposits and lends cash. The business is inherently honest. A reserve bank lends credit and the note you sign is considered to be an asset. It is worth 40% of face value, cash in fist. The bank does not lend cash, but you have to repay with cash. The business is inherently dishonest.

Aside: You can block a foreclosure by charging that the bank did not lend any money, only credit, and therefore has no standing to foreclose. A quirk of common law is that a contract is not valid if no cash changed hands. If the court goes against you and says the credit is as good as cash, then you can pay the bank with a note that you wrote yourself, since the court has ruled that to be as good as cash.

You can go to mises.org and fee.org to learn about honest money, but there is a lot to learn.