但如今，负利率是对存在央行的超额准备的惩罚，它通过信用方程的供给端推动刺激 — — 事实上，就是迫使银行不顾资金需求发放新贷款。
But now, by imposing penalties on excess reserves left on deposit with central banks, negative interest rates drive stimulus through the supply side of the credit equation – in effect, urging banks to make new loans regardless of the demand for such funds.