近来,许多中央银行推行了前所未有的宽松货币政策,自2007-2008年金融危机以来将利率长期维持在接近于0的水平上。量化宽松政策直接影响了政府债券和抵押资产等的利率水平,降低了融资成本。这有助于将财富向银行和持有负住房资产头寸的家庭等借款人转移。但与此同时,这也会助长资产价格膨胀,并促使储户和金融中介“寻找高回报”。由于金融中介包括货币市场基金、养老基 Recently, many central banks have implemented an unprecedented easing monetary policy that has maintained interest rates at levels close to zero since the financial crisis of 2007-2008. Quantitative easing has a direct impact on the interest rates of government bonds and mortgages, reducing financing costs. This helps to transfer wealth to borrowers such as banks and households holding negative housing asset positions. At the same time, however, this will also fuel asset price inflation and encourage depositors and financial intermediaries to “find high returns.” As financial intermediaries include money market funds, pension funds