Abstract The origin of most mainstream theories about interest rates goes back to Irving Fisher. Fisher’s concept of the equilibrium real rate of interest and the related Wicksellian concepts of “natural” or “neutral” rate are assumed to be essential for inflation-targeting frameworks. It is believed that this assumption explains the widely and confidently held conviction that monetary policy should focus on inflation expectations to keep real interest rates at a stable level to promote savings and investment. We argue that there are several problems with this approach, which relies on the principles of “real analysis” as opposed to the “monetary approach” reflected in the works of Schumpeter and Keynes. Post-Keynesian monetary theory offers a framework corroborated by central bank practices. We use some examples from the experience of the Magyar Nemzeti Bank (the central bank of Hungary) following the global financial crisis that may provide some hints for refocusing contemporary monetary policy and related theories.

中文翻译：

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利率的真实和货币理论

摘要 大多数主流利率理论的起源可以追溯到欧文·费雪。费雪的均衡实际利率概念和相关的“自然”或“中性”利率的 Wicksellian 概念被假定为对通胀目标框架至关重要。人们相信，这一假设解释了人们广泛而自信地持有的信念，即货币政策应关注通胀预期，以将实际利率保持在稳定水平，以促进储蓄和投资。我们认为这种方法存在几个问题，它依赖于“真实分析”的原则，而不是熊彼特和凯恩斯作品中反映的“货币方法”。后凯恩斯主义货币理论提供了一个由中央银行实践证实的框架。