Namely, there were cases that occurred one after another in which, mainly through revisions of central bank laws, not only independence was given to a central bank but also it was clarified that a central bank should specialize in ensuring price stability. In monetary policy management, this trend led to major central banks’ adoption of price stability targets – namely, inflation targeting.
But we must ask whether the aggregate ratio of net worth to income is a sufficient statistic for summarizing the effect of capital gains on economic behavior or, alternatively, whether the distribution of capital gains across assets and the manner in which those gains are realized also are significant determinants of spending.