Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Economic Models
指出长期资产价格高并非因央行压低长期利率，而是公众在估值时依赖的经济模型发生了变化，尤其是对实际利率概念的遗忘和货币幻觉的影响。
There has been a widespread perception in the past few years that long-term asset prices are generally high because monetary authorities have effectively kept long-term interest rates, which the market uses to discount cash flows, low. This perception is not accurate. Long-term interest rates have not been especially low. What has changed to produce high asset prices appears instead to be changes in popular economic models that people actually rely on when valuing assets. The public has mostly forgotten the concept of "real interest rate." Money illusion appears to be an important factor to consider.