But the evidence emerging from successive rounds of QE in the UK and the US suggests that while it did lower bond yields, the extra money was largely retained within the banking system, and never reached the real economy. This implies that the problem has mainly been a lack of demand for credit – reluctance on the part of businesses and households to borrow on almost any terms in a flat market.
然而在英美两国先后几轮量化宽松政策中展现出的事实表明虽然债券收益确实有所降低，但额外加印的货币很大程度上还滞留在银行系统，从未流入实体经济。这意味着问题主要是缺乏信贷需求——在这个萧条的市场，无论条件有多优惠，企业和家庭都不愿向银行贷款。