The main result of monetary stimulus has been to boost asset prices: anything that pays a yield, a dividend, or a rent becomes much more attractive - and hence much more valuable in money terms - when interest rates are very low and expected to stay very low. This explains the large gaps between current prices for real estate in the US, equities in New York, London, and Frankfurt, and long-term bonds everywhere and what one would conventionally think their fundamental values should be.
货币激励政策的一个主要结果就是使资产价格上扬：只要利率特别低，并且有望保持这样的低水平，任何能带来收益、红利和租金的东西都显得更加诱人，而且在货币意义上更有价值。这就解释了美国的房地产，纽约、伦敦和法兰克福的股票，世界各地的长期债券与人们认可的传统基本价值之间形成的巨大落差。