近期资产价格变动的赢家和输家

FEDS Notes Pub Date : 2023-05-01 DOI:10.17016/2380-7172.3287

E. Crawley, William Gamber

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引用次数: 0

摘要

在过去两年中，随着美联储(fed)提高政策利率以对抗更高的通胀，资产价格和利率发生了出人意料的巨大变化。在本文中，我们从福利的角度阐明了这些资产价格变化的再分配效应，这与财富的再分配效应形成了鲜明对比。图1描绘了2023年2月CBO预测中6个宏观经济总量路径相对于2021年7月预测路径的变化。

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Winners and losers from recent asset price changes

Asset prices and interest rates have changed dramatically and unexpectedly over the last two years as the Federal Reserve has raised its policy rate to combat higher inflation. In this note, we clarify the redistributive effects of these asset price changes in terms of welfare, which contrast sharply with those of wealth. Figure 1 depicts changes in the paths of six macroeconomic aggregates in the February 2023 CBO projection relative to their paths in the July 2021 projection.

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FEDS Notes

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