Is there a way around neo-Fisherian theory?

Neo-Fisherian theory shows that in the long term, inflation is determined by the nominal interest rate. A low nominal interest rate therefore leads to low inflation in the long term, which is the opposite of the desired effect of an expansionary monetary policy. This results from the fact that in the long term, we have: and that, according to this theory, the real interest rate is determined in the long term by structural features of the economy. Is there a way around this neo-Fisherian logic? There are two possibilities: The idea that the fall in nominal interest rates leads to additional capital accumulation, driving down the marginal productivity of capital and the real interest rate; Introducing risk premia : if they rise , the fall in risk-free nominal interest rates may not push down the nominal interest rates faced by companies . Actual developments in the United States and the euro zone show: A rise in capital intensity, which may explain the fall in real interest rates; A fall in the interest rates faced by companies. The first possib le way around neo-Fisherian logic therefore merits consideration.