土耳其的高风险通胀实验
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发自华盛顿特区—当今大多数经济体的货币政策都会锚定在一个明确的通胀目标上，因为以此实现的物价稳定对发达国家和新兴市场都大有裨益。各主要经济体的通胀率在疫情对供应链和劳动力市场的干扰开始推动物价快速增长之前一直远低于目标值，而应该如何应对这种情况的问题也迟早会重现。
对这个问题二十世纪的美国经济学家欧文·费雪（Irving Fisher）提供了一个答案。传统经济学理念认为当通胀率超过政策制定者设立的目标时中央银行家就要提高名义利率。毕竟提高利率会减少借贷和支出，进而使经济降温并遏制通胀。
然而费雪认为中央银行应该在通胀率太低时调高自身名义利率目标。他坚持认为名义利率和通胀之间存在着正相关关系。这种被称为费雪效应的关系可以在各类经济数据中看到。现代宏观经济学家将这种因果关系解释为从通胀到名义利率的传导。
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