This is the standard modern framework for monetary policy, as distilled, for instance, by scholars like Michael Woodford.2  As with the inflation analysis, using this framework is not simple and easy. We must estimate where neutral rates are, and there is no single best practice for adjusting the nominal rate for inflation.
However, with a repo rate of 5.5% currently, and an inflation rate starting just 2  The classic reference is Michael Woodford, Interest and prices, Princeton University Press: Princeton & Oxford, 2003. Page 7 of 8  over 7% and declining to just under 6% next year, we still clearly have a negative real policy rate.