Money supply, opinion dispersion, and stock prices
构建模型说明货币供给如何通过投资者意见分歧和市场摩擦影响股票价格，导致股价偏离基本面，并指出货币政策可能造成股市与实体经济脱节。
This study develops a simple model that shows how money matters in the determination of stock prices. When investors have different opinions on the stock's value and face market frictions, the money supply in an economy influences the demand for stocks and hence positively affects stock prices. Unlike the discounted-cash-flow model, the present model indicates that stock prices routinely depart from the fundamentals; overpricing or underpricing occurs depending on the amount of money in the economy. The results of the model suggest that stock prices fluctuate because of money supply changes and that monetary policy may cause a disconnect between the stock market and the real economy.