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The methodology for assessing interest-rate policy rules: a reply

Author

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  • John Smithin

    (Economics and Senior Scholar, York University, Toronto, ON, Canada)

Abstract

This note is a brief reply to , who has been critical of the conceptual foundations and methodology in a discussion of the impact of different interest rate policy rules on inflation in . The reply concludes that the case for a ‘zero real policy rate of interest’ (ZRPR), rather than a ‘zero interest rate policy’ (ZIRP), emerges unscathed.

Suggested Citation

  • John Smithin, 2021. "The methodology for assessing interest-rate policy rules: a reply," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 18(3), pages 286–292-2, December.
    • Handle: RePEc:elg:ejeepi:v:18:y:2021:i:3:p286-292
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    More about this item

    Keywords

    ZRPR; ZIRP; real interest rate rules; inflation instability; income distribution;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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