Smithin, John - In: Journal of Post Keynesian Economics 30 (2007) 1, pp. 101-118
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...