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On interest and interest-rate policy

In: Central Banking, Monetary Policy and Income Distribution

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  • Massimo Pivetti

Abstract

This contribution discusses the real effects of interest-rate policy, as well as its impact on inflation, once the concept of a “natural” real rate of interest is abandoned and interest is viewed as a monetary phenomenon which contributes to determine normal production costs. Attention is then focused on the merits of cheap money, whilst it is maintained, by contrast, that a persistent zero real interest-rate policy would ultimately be incompatible with capitalism. The contribution finally discusses the implications of the main arguments put forward in it for the status of the central bank and the question of capital control.

Suggested Citation

  • Massimo Pivetti, 2023. "On interest and interest-rate policy," Chapters, in: Sylvio Kappes & Louis-Philippe Rochon & Guillaume Vallet (ed.), Central Banking, Monetary Policy and Income Distribution, chapter 10, pages 242-260, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20016_10
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    Keywords

    Economics and Finance;

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