(stronger) effect of monetary policy on investment through the Tobin’s q effect is, the stronger (weaker) monetary effect on … consumption through the wealth effect. Third, from the perspective of macroeconomic stability, the soundness of asset market …

effect of monetary policy (on consumption) is negatively correlated with Tobin’s q effect (on investment), which positively … depends on investment elasticity; and (3) the soundness of asset market performances does not depend on whether they are …