General Discussion

摘要

Robert Gordon suggested that Benjamin Friedman was too agnostic about the ability of monetary policy to affect the economy through the housing market and the stock market. In particular, he disagreed with the argument that stock market movements do not affect aggregate consumption because stocks are owned predominantly by wealthy individuals whose consumption responds little to such movements. He also thought the housing market should be given more weight as a channel of monetary transmission, especially over the last five years. There was a growing consensus that Federal Reserve chairman Alan Greenspan held short-term interest rates too low for too long, generating a housing boom that was sustained by complex home equity loans and refinancing arrangements. These developments had implications for consumption, not just housing, and represent a plausible, straightforward channel for monetary policy influence.