Enrico Sergio Levrero is currently Associate professor of Economics at Roma Tre University. He studied economics at De Montfort University in Leicester (M.Phil) and the Sapienza University of Rome (Master’s degree and PhD). His main research interests and activities are in the theories of value and distribution, wages and the labour market, issues of monetary economics and Sraffa’s works. He is a member of the Centro Sraffa Board and editor of the Bulletin of Political Economy. His previous works include Four Lectures on Wages and the Labour Market (2012), the three-volumes Sraffa and the Reconstruction of Economic Theory (2013, edited with A. Palumbo and A. Stirati) and several articles in academic journals and collective volumes.
Enrico Sergio Levrero
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Central bankers pursue a “neutral” rate that doesn’t exist
Estimates of the Natural Rate of Interest and the Stance of Monetary Policies: A Critical Assessment
Starting with the literature on the estimates of the natural rate of interest, this paper critically analyzes the modern practice of identifying the benchmark rate of monetary policy with an equilibrium or neutral interest rate reflecting “fundamental forces” unaffected by monetary factors.