价格乘数

市场一般不重视经济周期与盈利周期，而为了避免长期牛熊市周期与这些周期相混淆，需要将我们考察的关键市盈率进行周期性调整，即将价格乘数加到过去10年的平均盈利值当中。

To avoid confusion with economic and earnings cycles , which markets tend to discount , the key p / e ratios for this task are cyclically adjusted , taking the multiple of prices to average earnings over the preceding 10 years .

虽然实证结果表明股票价格对于货币乘数总体影响还不显著，但随着资本市场规模的进一步壮大，这种影响会逐渐表现出来。

Although the empirical results show that the overall impact of the stock market on the intermediate target of monetary policy is not significant , but with the further growth of the capital market , the impact will become more and more significant .

由于大量的金融产品是由房地产价格支撑的，因此，房地产价格下跌带来的乘数效应是经济和金融动荡的主要原因。

But , as massive amount of financial products are backed by property value , the multiplier effect from the property price decline is at the center of economic and financial turmoil .