The new business cycle also embeds a monetary policy that replaces concern with real wages with a focus on asset prices. Whereas pre-1980 monetary policy tacitly aimed at putting a floor under labor markets to preserve employment and wages, it now tacitly puts a floor under asset prices.
新的商业周期还植根于用关注资产价格取代关注实际工资的货币政策。八十年代以前的货币政策心照不宣地力求保持劳动力市场的最低水平来维护就业和工资，而现在则心照不宣地维持资产价格。这并非是美联储解救投资者的问题，而是经济极为容易受到资产价格下跌的影响，美联储不得不干预来防止它们造成大范围的破坏。