This underscores yet another of QE’s inherent contradictions: its transmission effects are narrow, while the problems it is supposed to address are broad. Wealth effects that benefit a small but extremely affluent slice of the US population have done little to provide meaningful relief for most American families, who remain squeezed by lingering balance-sheet problems, weak labor markets, and anemic income growth.
这凸显了量化宽松政策的另一内在矛盾：它的传输效果是狭窄的，而要解决的问题是广泛的。财富效应，让一些数量稀少但极端富裕的人收益，而没有为大多数美国家庭提供真正意义的救济，这些家庭仍在承受挥之不去的资产负债压力，疲软的劳动力市场以及缓慢的收入增长。