Decorrelation between the real economy and asset prices: An unintended or intended consequence of the expansionary monetary policy?

The prices of financial and real estate assets are increasingly decorrelated from the real economy. This results from the expansionary monetary policy, with its excess liquidity and negative real long-term interest rates. But two interpretations are possible: The asset price bubbles are an unintended or undesirable consequence of the expansionary monetary policy, the aim of which is to lift activity and restore fiscal solvency; The asset price bubbles are an intended consequence of the expansionary economic policy, the aim of which is to stimulate demand and investment via wealth effects .