A major contributor to this divergence has been ultra-loose monetary policy, which, by flooding financial markets with liquidity, was supposed to boost growth. But it remains unclear whether elevated asset prices are supporting aggregate demand or mainly shifting the distribution of wealth.
这一分化的一大原因是极端宽松的货币政策。该政策向金融市场注入了大量流动性，初衷是提振增长。但资产价格的飙升是否支持了总需求，还是主要改变了财富分配还不得而知。同样不清楚的是，当货币支持撤回时，资产价格会发生什么。