Asset prices create a large “wealth effect” that determines how financially well off people feel. With many Americans anxiously monitoring the monthly performance of their private pension plans, the only economic statistic that matters is that the S&amp;P 500 has returned to its pre-2008 level.
尽管关于货币刺激能否产生投资增加和商业好转的效果，证据的指向并不一致，但其对金融市场和资产价格的影响效果可以马上显现。资产价格会造成大规模的“财富效应”，后者决定了人们关于财务状况改善程度的感觉。大批美国人焦急的看着自己私人养老金账户的每月表现，对他们来说，唯一重要的经济指标就是标普500指数已经回到了2008年前的水平。