Second, wealth effects are maximized when debt service is minimized – that is, when interest expenses do not swallow the capital gains of asset appreciation. That provides the rationale for the Fed’s zero-interest-rate policy – but at the obvious cost of discriminating against savers, who lose any semblance of interest income.
其次，只有在债务最小化——也就是说，当资产增值的资本收益高于利息支出之时——财富效应才会最大化。这为美联储的零利率政策提供了理论基础——但显然也付出了歧视储户的成本，令这些人失去了任何形式的利息收入。