Through its unconventional monetary easing, the Fed is attempting to create a shortcut around the imperative of household sector balance-sheet repair. This is where the wealth effects of now-rebounding housing prices and a surging stock market come into play.
美联储实施了非常规的货币宽松，试图创造一条修复家庭部门资产负债表的捷径。在这里，目前已步入反弹的房价和暴涨的股市的财富效应体现出来了。但这些新出现的财富效应真的就是我们想要的吗？