Why such low rates are appropriate for the economy and for how long they will continue to be appropriate are deep and unsettled questions; they call attention to what MIT’s Olivier Blanchard calls the “dark corners” of economics, where research has so far shed too little light. What Taylor and his ilk fail to understand is that the reason interest rates are wrong has little to do with the policies put in place by central bankers and everything to do with the situation that policymakers confront.
今天的利率确实有问题。为何如此低的利率对经济是合理的，以及如此低的利率在多长时间内是合理的，这些都是未解决的深刻问题；它们需要人们关注麻省理工学院的奥利佛·布兰查德（Olivier Blanchard）所谓的经济学的“黑暗角落”，对这些角落的研究还太少。泰勒及其同道没能理解的是，利率出错的原因与央行实施的政策没有什么关系，而与决策者面临的环境有极大的关系。