A more advanced way of presenting the neo‐fisherian view is reflected on a series of papers by Schmitt‐Grohé and Uribe52 (2001 with Benhabib), 2014 and 2017).
The authors show that in simple DSGE models with a ZLB and Taylor Rule type of equation, obeying the Taylor principle of an inflation coefficient higher than one, there are two or more equilibria and there is a path from the good equilibrium with positive inflation to a bad equilibrium of very low or negative inflation.