欧洲央行：通货膨胀对金融稳定的因果效应，历史证据（英文版）

In contrast to the conventional Fisherian view that inflation reduces real debt positions, we show that significant increases in inflation are strongly associated with financial crises. In the spirit of Jord`a et al. (2020), countries with free and fixed exchange rates can be compared to difference out the confounding reaction of monetary policy. Across a dataset of 18 advanced economies over 151 years, we show that the impact of inflation extends beyond its indirect effect via monetary polic