... below its ordinarylevel, and keep it so for some years, then the prices ofall commodities would rise and rise without any limitwhatever; on the contrary, if the leading banks were toraise their ... confusedwith the period by which the policy-maker would wishto return inflation to the target rate. There is no clearlink between the length of the horizon that is relevantfor the NRR, and the ... and Bruce White.2When there is a change in the short-term nominal interestrate, the short-term real rate will move in the desireddirection, so long as there is less than a one-for-onemovement...