Quantitative easing: The effect on goods and services prices and asset prices depends on the nature of the economic agents that receive the money created by the central bank

Surprise is sometimes expressed that quantitative easing (in the United States, the euro zone and Japan) has driven up asset prices (real estate and equities depending on the country , bonds everywhere) and not goods and services prices. But it is important to understand that everything depends on the nature of the economic agents that receive the money created by the central bank: I f it were households (if there had been a mass drop of helicopter money resulting from public transfer payments to households or companies), households or companies would have increased their purchases of goods and services and their prices would have risen ; But the bond sellers that have received the money created by the central bank have been institutional investors, banks and non-resident investors. They then rebalanced their portfolios by buying other assets (real estate or financial), driving up the prices of these assets.