The primary criticism by Keynesians of the credibility argument for rules is that

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Keynesians argue that the cost of losing flexibility over policy choices may exceed the benefits of gaining credibility through rules. They argue that in certain situations, such as during deep recessions or crises, policymakers may need the flexibility to adjust monetary policy quickly to prevent a collapse of the economy. Therefore, strict rules may be too rigid and could ultimately harm the economy. While reputations may be important for credibility, they may not be sufficient in all cases, particularly during times of economic uncertainty.

The Primary Criticism by Keynesians of the Credibility Argument for Rules