The operative view in central-banking circles has been that the so-called “wealth effect” – when asset appreciation spurs real economic activity – would square the circle for a lagging post-crisis recovery. The persistently anemic recovery and its attendant headwinds in the US labor market belie this assumption.
央行业务周期的操作观一直是，所谓的“财富效应”&mdash;&mdash;资产升值刺激实体经济活动&mdash;&mdash;应该能够给该周期带来滞后的危机后复苏。复苏的持续萎靡以及美国劳动力市场困难重重表明这一假设是错误的。