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Federal Reserve Bank of Cleveland
Economic Commentary
Assessing real interest rates
John B. Carlson
Abstract

An assessment of the usefulness of a real-interest-rate guidepost for communicating long-term monetary policy intentions to the public. The author contends that because of inherent complexities in the relationship between real interest rates and policy objectives, a policy framework expressed in terms of ultimate objectives would be more informative, particularly if it included a nominal anchor on the price level.


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John B. Carlson, "Assessing real interest rates" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Aug, 1993.
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Keywords: Interest rates ; Monetary policy
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