When a central bank reduces long-term interest rates via current and expected future open-market operations, it does not prevent potential lenders from offering to lend at higher interest rates; nor does it stop borrowers from taking up such an offer. These transactions don’t take place for a simple reason: borrowers choose freely not to enter into them.
对于泰勒所批评的经济政策，根本不存在这一机制。当央行通过当前或预期的未来公开市场操作降低长期利率时，它并不阻止潜在贷款人要求更高的贷款利率；它也不阻止借款人接受这一要求。这些交易之所以不发生，只有一个简单的原因：借款人自由地选择了不贷款。