Unlike the days of yore, when cutting the price of credit could boost borrowing, “quantitative easing” purportedly works by stimulating asset and credit markets. The wealth effects generated by frothy financial markets are then presumed to rejuvenate long-dormant “animal spirits” and get consumers spending again, irrespective of lingering balance-sheet strains.
为了论证这一办法的功效，美联储还写了自由裁量货币政策转换机制的脚本。从前，降低信用价格就可以刺激借贷，但今时不同往日，刺激资产和信用市场的重任得由“量化宽松”来完成。接着，金融市场牛市所产生的财富效应应该能够唤醒长期沉睡的“动物精神”，让消费者不顾依然困扰自己的资产负债表约束重新开始花钱。