First, wealth effects are statistically small; most studies show that only about 3-5 cents of every dollar of asset appreciation eventually feeds through to higher personal consumption. As a result, outsize gains in asset markets – and the related risks of new bubbles – are needed to make a meaningful difference for the real economy.
这种方法存在一系列严重问题。第一，从统计来看，其产生的财富效应较小；大多数研究表明，每一美元的资产升值中只有约3~5美分最终会转化为更高的个人消费。因此只有在资产市场上取得巨额收益——因此也伴随着产生新泡沫的风险——才能对实体经济产生足够大的影响。