Ultra-low interest rates lift asset prices in two ways: they increase the present value of the future income stream of a stock or a fixed-income bond; and they make credit and property purchases more affordable. So asset-price inflation is likely, and policymakers will have to contain it through regulatory tools, such as credit limits.
这并不是说量化宽松没有弊端。它可能造成资产价格泡沫。极低利率通过两种方式推高资产价格：它们增加股票或固定收入债券的未来收入流的现值；它们让获得信用和购买房产变得更加容易负担。因此，资产价格通胀有可能发生，决策者必须通过监管工具（如信用上限）遏制这一风险。