It is Economics 101. If central bankers want to spur economic activity, they cut interest rates. If they want to dampen it, they raise them. The assumption is that, as it becomes cheaper or more expensive for businesses and households to borrow, they will adjust their spending accordingly. But for businesses in America, at least, a new study~* suggests that the accepted wisdom on monetary policy is broadly (but not entirely) wrong. Using data stretching back to 1952, the paper concludes that market interest rates, which central banks aim to influence when they set their policy rates, play some role in how much firms invest, but not much. Other factors-most notably how profitable a firm is and how well its shares do-are far more important (see chart). A government that wants to pep up the economy, says S.P. Kothari of the Sloan School of Management, one of the authors, would have more luck with other measures, such as lower taxes or less onerous regulation.
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机译：这是经济学101。如果央行行长想刺激经济活动，他们会降低利率。如果他们想抑制它，他们会抬高它们。假设是，随着企业和家庭借贷变得更便宜或更昂贵，他们将相应地调整支出。但是至少对于美国的企业而言，一项新的研究表明，公认的货币政策智慧在很大程度上（但不是完全）是错误的。文章使用可追溯到1952年的数据得出的结论是，中央银行在设定政策利率时旨在影响的市场利率，在企业投资额中起着一定作用，但作用不大。其他因素，尤其是公司的盈利能力和股票表现如何，则更为重要（参见图表）。作者之一斯隆管理学院（Sloan School of Management）的科帕里（S.P. Kothari）说，一个想要振兴经济的政府会在其他措施（例如降低税率或减轻繁琐的监管）方面有更多的运气。
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