but lsap is comparable to the stock prices than most of the estimates of the effective lsap on housing prices are greater than the impact of the stock prices. so that a bride distribution is another thing but another important phase that fiscal verses the real world is it true fed decided not to do as much that fiscal policy makers what -- say the we will jump into the gap? that is what happens to government spending and that line on the bottom basically since the trough of the recession that line goes up for the american recovery and investment act and is starting at some point fiscal policy is not right dried and that is astonishing. with this recovery and fiscal policy is a drag on growth. output stabilization is progressive and effect is true that the. >> host: keep unemployment over then it has strongly progressive the facts. with that macroeconomic stabilization on the phillips wage with the change of nominal wages but that time period of the unemployment rate with the 50th and 90th percentile is you can see those wages are much more sensitive to changes that is why it is transpa

second point, it's not that different with the lsaps are doing. convention mantra policies post a short term interest rates and any hope of arbitrage the long-term rates in african chip -- sort of fall in sympathy and that's how it's supposed workers lsaps capacity this is a short-term rates are only as a pushed down long-term rates strickland. the goal of both is goal of both is to push down those long-term rates and those rates cannot go down if you're not pushing up asset prices at the same time. it's not a radically different thing than conventional monetary policy. and, in fact some estimates say the impact of a given a the decline in long-term rates as result of the lsaps is actually less on stock prices than conventional monetary policy. i think that's an interesting thing to examine but that was wrapped in a couple of different studies. part maybe when you're measuring the effect of monetary policy to zero lower bound you are measuring its impact in a pretty fragile and weak economy. it's interesting to think about. the last one that's imp

not necessarily the case that ending the lsaps would cause a fall of the stock market. this is a policy that brought it closer to its normal level quickly. that was a policy decision. we could try to bring employment that quickly to its normal level. the other point is what you compared to fiscal alternatives. for the reasons we talk about including gridlock, i don't think that's the right comparison. the other tool used in other central banks have years. my colleague has been colleague has a nice empirical work examining differences between forward guidance and lsaps. there are important differences in how they work. there's a strong argument that don ken lay and over lunch about the extent to which the fed didn't use forward guidance at all until around 23rd team. from 2009 2010, 2011 the extended good language, which basically said world a few are nine-month delay from liftoff. in the same way you're critical of fiscal policy you can ask questions about what were your counterfactual for the fed would've introduced much more forward guidance and look at distributional