Conclusion Hence there is no question that asset prices influence the macroeconomy. They should theoretically, and they clearly seem to empirically. But one would think that wealth changes coming from investors’ re-evaluation of future profits would have different effects from those coming from interest-rate changes or changes in the relative price of housing.
This puzzle should, I feel, loom large on the research agenda for academic economists and, for obvious reasons, on the policy agenda for central banks. BIS Review 100/2001  5