In all of these cases, QE essentially has been an aggressive effort to manipulate asset prices. It works primarily through direct central-bank purchases of long-dated sovereign securities, thereby reducing long-term interest rates, which, in turn, makes equities more attractive.
以量化宽松为例。先是本世纪初的日本，然后是2008年的美国，再然后是2013年日本再次动用量化宽松，现在则轮到了欧洲。在所有这些例子中，量化宽松本质上都是操纵资产价格的大动作。它主要通过央行直接购买长期主权债券、从而降低长期利率、反过来再让股票更有吸引力起作用。