The theory behind this strategy is simple: Unable to cut the price of credit further, central banks shift their focus to expanding its quantity. The implicit argument is that this move from price to quantity adjustments is the functional equivalent of additional monetary-policy easing.
这一战略背后的理论很简单：央行无法让信用的价格进一步降低，转向了扩张信用的数量。隐含观点是这一从价格到数量调整的变化在作用上等同于增加货币政策宽松。因此，即使名义利率处于零下限，央行手里仍有武器。