Economics and humanity in general is afflicted with habitual dualism and the orthodoxies that grow up around both sides of that mindset, when what we need to do is try to acculturate an integrative one instead. One that seeks to combine the particles of truth, workabilities and highest ethical concepts of both sides.
The blunt instrument of interest rates as monetary policy doesn’t work to actually resolve the tension between needing to coax inflation and yet having to enforce austerity afterward. Why? Because the present monopolistic paradigm of money, namely Debt ONLY, is the underlying problem being ignored and so prevents the integrative policies that implemented will end that paradigm’s monopolistic dominance and resolve its seemingly unresolvable problems.
There is an entire policy program for the new monetary paradigm, but a single policy that is the very expression of the new paradigm itself (Direct and Reciprocal Monetary Gifting) will literally turn the world upside down. That policy is a 50% discount to consumers at retail sale, all of which discount is rebated back to the enterprise granting it to the consumer, by the monetary authority. This single policy does the impossible so far as orthodox economic theory is concerned because it integrates UNIVERSALLY BENEFICIAL price and asset DEFLATION into profit making economic systems.