Effects of Movements in Equities Prices on M2 Demand
研究了股票价格大幅波动如何导致家庭储蓄暂时转向存款资产，从而影响M2增长，发现股票价格变化虽统计显著，但对近期M2强劲增长的贡献不大。
Large swings in stock prices are sometimes associated with a redirection of household savings flows. Such changes can lead to transitory increases in M2 as investors temporarily ?park? funds in depository assets while they determine the funds? ultimate destination. The authors find that, although stock price changes are statistically significant as an explanation for M2 growth, they do not account for much of M2?s recent strength.