Neo-Fisherism and inflation control

Stephen Williamson

Canadian Journal of Economics, 2019, vol. 52, issue 3, 882-913

Abstract: According to conventional central banking wisdom, an inflation-targeting central bank should increase (decrease) its nominal interest rate target when inflation is above (below) its target. According to neo-Fisherites, conventional central bankers have the sign wrong. Essentially all mainstream macroeconomic models tell us that increases in nominal interest rates increase inflationin the short run and in the long run. This paper reviews neo-Fisherian theory and evidence and addresses issues relating to inflation control in low real interest rate environments.

JEL-codes: E4 (search for similar items in EconPapers)
Date: 2019
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