Publication Type:
journal articles
Publication Year:
2007
Publication Bibliography:
Smithin, J. “A real interest rule for monetary policy?”, Journal of Post Keynesian Economics 30, 1 Fall 2007, 101-118.
Abstract: This paper examines four alternative types of guidelines for monetary policy: (1) stabilizing the real policy rate of interest at a "low" level, (2) pegging the nominal policy rate, (3) employing a standard monetary policy reaction function to target inflation, and (4) invoking the notion of a "fair" rate of interest. The case defended here is that the first of these alternatives, an attempt to stabilize the real policy rate at some "low" level, is the best option for monetary policy. It is also the most consistent with the traditional Keynesian advocacy of cheap moneya?â€"we intend to retain control of our domestic rate of interest, and keep it as low as suits our own purposes."
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Publication Title:
A real interest rule for monetary policy?
Author Name:
Smithin, J.
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Title of Paper:
A real interest rule for monetary policy?
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Title of Journal:
Journal of Post Keynesian Economics
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Volume and Issue:
30, 1 Fall 2007
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Page Number(s):
101-118
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