In his view, the post-crisis economic policies being carried out in the United States, Europe, and Japan are putting a ceiling on long-term interest rates that is “much like the effect of a price ceiling in a rental market where landlords reduce the supply of rental housing.” The result of low interest rates, quantitative easing, and forward guidance, Taylor argues, is a “decline in credit availability [that] reduces aggregate demand, which tends to increase unemployment, a classic unintended consequence.”
伯克利—全球金融危机爆发后出现了许多怪异新颖的经济思想，其中最另类也许要数斯坦福大学经济学家约翰·泰勒（John Taylor）提出的理论。在他看来，美国、欧洲和日本在危机后所采取的经济政策是给长期利率施加上限，这“很像是给房租减少了租房供给量的租房市场施加价格上限所产生的效应。”泰勒说，低利率、量化宽松和前瞻指引的结果是“信用越来越难以获得，以至于降低了总需求，而总需求的降低总是会增加失业，这是经典的意料外后果。”