I think that's what they call "pushing on a string" (1). Central banks can make lending/borrowing a worst business (higher interest rate) but they can't force

I think that's what they call "pushing on a string" (1). Central banks can make lending/borrowing a worst business (higher interest rate) but they can't force people to borrow. So, monetary policy is very limited when demand falls, then fiscal policy is necessary, but, until recently, fiscal policy was anathema because of ideological reasons. (1) - https://www.investopedia.com/terms/p/push_on_a_string.asp https://www.investopedia.com/terms/p/push_on_a_string.asp