{"id":166601,"date":"2022-05-05T09:00:21","date_gmt":"2022-05-05T01:00:21","guid":{"rendered":"https:\/\/www.hkubs.hku.hk\/?p=166601&#038;post_type=thought-leadership&#038;preview_id=166601"},"modified":"2022-05-04T14:13:10","modified_gmt":"2022-05-04T06:13:10","slug":"the-era-of-high-inflation-2","status":"publish","type":"thought-leadership","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/","title":{"rendered":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8"},"content":{"rendered":"<p>\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002<\/p>\n<p>\u901a\u8139\u5347\u6eab\u5df2\u767c\u5c55\u70ba\u5168\u7403\u76ee\u524d\u7684\u4e3b\u8981\u7d93\u6fdf\u554f\u984c\u4e4b\u4e00\u3002\u5728\u767c\u9054\u7d93\u6fdf\u9ad4\u7fa4\u7d44\u4e2d\uff0c\u670960%\u7d93\u6fdf\u9ad4\u7684\u901a\u8139\u7387\u5df2\u9ad8\u65bc5%\uff0c\u6bd4\u4e00\u822c2%\u7684\u76ee\u6a19\u901a\u8139\u7387\u9ad8\u51fa3\u500b\u767e\u5206\u9ede\u3002\u5728\u6bd4\u8f03\u4e0d\u53d7\u91cd\u8996\u7684\u65b0\u8208\u7d93\u6fdf\u9ad4\u7fa4\u7d44\u4e2d\uff0c\u5df2\u6709\u63a5\u8fd1\u4e00\u534a\u7684\u7d93\u6fdf\u9ad4\u901a\u8139\u7387\u9054\u52307%\u3002\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u5728\u4e0a\u6708\u767c\u8868\u7684\u300a\u4e16\u754c\u7d93\u6fdf\u5c55\u671b\u300b\u5831\u544a\u4e2d\uff0c\u9810\u6e2c\u767c\u9054\u7d93\u6fdf\u9ad4\u672c\u5e74\u7684\u5e73\u5747\u901a\u8139\u7387\u6703\u9054\u52305.7%\uff0c\u800c\u65b0\u8208\u5e02\u5834\u53ca\u767c\u5c55\u4e2d\u7d93\u6fdf\u9ad4\u66f4\u9ad8\u90548.7%\uff0c\u6bd4\u53bb\u5e741\u6708\u7684\u9810\u6e2c\u5206\u5225\u9ad8\u4e861.8\u548c2.8\u500b\u767e\u5206\u9ede\u3002\u6545\u82f1\u502b\u9280\u884c\u548c\u6fb3\u6d32\u5132\u5099\u9280\u884c\u65bc\u672c\u5468\u8209\u884c\u7684\u8b70\u606f\u6703\u8b70\u540c\u6a23\u53d7\u5230\u5e02\u5834\u95dc\u6ce8\u3002<\/p>\n<h5>\u75ab\u60c5\u4ee4\u4f9b\u9700\u6b64\u6d88\u5f7c\u9577<\/h5>\n<p>\u81ea\u5169\u5e74\u524d\u65b0\u51a0\u80ba\u708e\u75ab\u60c5\u7206\u767c\uff0c\u5404\u570b\u653f\u5e9c\u548c\u592e\u884c\u8fc5\u901f\u5be6\u65bd\u4e86\u76f8\u7576\u5177\u64f4\u5f35\u6027\u7684\u8ca1\u653f\u548c\u8ca8\u5e63\u653f\u7b56\u3002\u4ee5\u7f8e\u570b\u653f\u5e9c\u70ba\u4f8b\uff0c\u5b83\u5148\u5f8c\u6ce8\u51655\u842c\u5104\u7f8e\u5143\u8cc7\u52a9\u500b\u4eba\u3001\u4f01\u696d\u548c\u63d0\u5347\u91ab\u7642\u8a2d\u65bd\uff1b\u806f\u5132\u5c40\u4ea6\u91cd\u555f\u91cf\u5316\u5bec\u9b06\uff0c\u57283\u500b\u6708\u5167\u5171\u8cfc\u8cb7\u4e862.43\u842c\u5104\u7f8e\u5143\u50b5\u5238\uff0c\u4f7f\u5176\u8cc7\u7522\u75312020\u5e743\u6708\u4e2d\u76844.67\u842c\u5104\u7f8e\u5143\u8fc5\u901f\u589e\u52a0\u81f36\u6708\u4e2d\u76847.1\u842c\u5104\u7f8e\u5143\u3002\u76f8\u6bd42008\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\u7684\u7b2c\u4e00\u6b21\u91cf\u5316\u5bec\u9b06\uff0c\u5f9e\u7576\u5e749\u6708\u4e2d\u958b\u59cb\u8a08\u7b97\uff0c\u8981\u52305\u5e74\u5f8c\u624d\u80fd\u9054\u81f3\u540c\u6a23\u898f\u6a21\u7684\u50b5\u5238\u8cfc\u8cb7\u3002<\/p>\n<p>\u70ba\u61c9\u4ed8\u65b0\u51a0\u80ba\u708e\uff0c\u7f8e\u570b\u5728\u7d93\u6fdf\u653f\u7b56\u4e0a\u51fa\u624b\u4e4b\u91cd\uff0c\u9060\u8d85\u5176\u5728\u91ab\u7642\u4e0a\u7684\u61c9\u5c0d\u63aa\u65bd\u3002\u5728\u91cd\u62f3\u51fa\u64ca\u4e0b\uff0c\u65b0\u51a0\u75ab\u60c5\u70ba\u7f8e\u570b\u5e36\u4f86\u7684\u7d93\u6fdf\u8870\u9000\u6bd4\u9810\u671f\u77ed\u66ab\uff0c\u7d93\u6fdf\u9700\u6c42\u6301\u7e8c\u8655\u65bc\u8f03\u9ad8\u6c34\u5e73\u3002\u5728\u52de\u52d5\u529b\u5e02\u5834\u65b9\u9762\uff0c\u7f8e\u570b\u7684\u5931\u696d\u7387\u57282020\u5e745\u6708\u66fe\u98c6\u5347\u81f314.7%\uff0c\u4f46\u96a8\u5f8c\u6301\u7e8c\u8fc5\u901f\u56de\u843d\uff0c\u5728\u4eca\u5e743\u6708\u5df2\u4e0b\u8dcc\u81f33.6%\uff0c\u63a5\u8fd1\u6b77\u53f2\u4f4e\u4f4d\u3002<\/p>\n<p>\u53e6\u4e00\u65b9\u9762\uff0c\u65b0\u51a0\u80ba\u708e\u5c0e\u81f4\u7d93\u6fdf\u7684\u4f9b\u61c9\u8ffd\u4e0d\u4e0a\u9700\u6c42\uff0c\u80cc\u5f8c\u6210\u56e0\u662f\u4f9b\u61c9\u93c8\u65b7\u88c2\u3001\u7269\u6d41\u7684\u963b\u585e\u3001\u904b\u8f38\u8cbb\u7528\u9ad8\u6f32\u548c\u4e3b\u8981\u539f\u6750\u6599\u7f3a\u4e4f\u7b49\u7b49\u3002\u4f9b\u61c9\u548c\u9700\u6c42\u6b64\u6d88\u5f7c\u9577\uff0c\u7269\u50f9\u81ea\u7136\u62fe\u7d1a\u800c\u4e0a\u3002\u7f8e\u570b\u7684\u901a\u8139\u81ea\u53bb\u5e743\u6708\u958b\u59cb\u4e0a\u5347\uff0c\u591a\u6708\u4f86\u9996\u6b21\u9ad8\u65bc\u806f\u5132\u5c40\u8a02\u4e0b\u7684\u5e73\u57472%\u76ee\u6a19\u3002\u806f\u5132\u5c40\u521d\u671f\u4e26\u4e0d\u4ee5\u70ba\u7136\uff0c\u4e3b\u5e2d\u9b91\u5a01\u723e\u591a\u6b21\u5f37\u8abf\u901a\u8139\u53ea\u662f\u300c\u904e\u6e21\u6027\u300d\uff08transitory\uff09\u3002\u4f46\u5230\u53bb\u5e7411\u6708\uff0c\u901a\u8139\u7387\u98c6\u81f3\u7d047%\u6642\uff0c\u4ed6\u624d\u6539\u8b8a\u53e3\u98a8\uff0c\u627f\u8a8d\u4ee5\u300c\u904e\u6e21\u6027\u300d\u4f86\u5f62\u5bb9\u7576\u524d\u7684\u901a\u8139\u6c34\u5e73\u5df2\u4e0d\u5408\u9069\uff0c\u4e26\u5728\u7acb\u5834\u4e0a\u7531\u9d3f\u6d3e\u8f49\u70ba\u9df9\u6d3e\u3002\u660e\u986f\u5730\uff0c\u806f\u5132\u5c40\u5728\u76f8\u7576\u4e00\u6bb5\u6642\u9593\u5167\u4f4e\u4f30\u4e86\u901a\u8139\u7684\u7a0b\u5ea6\u548c\u6301\u7e8c\u6027\uff0c\u5f15\u767c\u5e02\u5834\u8a0e\u8ad6\u806f\u5132\u5c40\u662f\u5426\u843d\u5f8c\u65bc\u5f62\u52e2\uff08behind the curve\uff09\u3002<\/p>\n<p>\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u5728\u6bcf\u6b21\u6703\u8b70\u90fd\u8981\u6c42\u6703\u54e1\u9810\u6e2c\u7576\u5e74\u53ca\u672a\u4f86\u5169\u5e74\u7684GDP\u589e\u9577\u7387\u3001\u901a\u8139\u7387\u53ca\u806f\u90a6\u57fa\u91d1\u5229\u7387\u7b49\u3002\u9019\u4e9b\u9810\u6e2c\u90fd\u6703\u4ee5\u4e0d\u8a18\u540d\u7684\u65b9\u5f0f\u8a18\u9304\u4e0b\u4f86\uff0c\u4e26\u516c\u958b\u767c\u8868\u3002\u7ffb\u67e5\u6709\u95dc\u6578\u64da\uff0c\u53bb\u5e74\u6703\u8b70\u5c31\u4eca\u5e74\u901a\u8139\u7387\u6240\u9810\u6e2c\u7684\u4e2d\u4f4d\u6578\u4ecb\u4e4e\u65bc2%\u81f33%\u4e4b\u9593\uff0c\u660e\u986f\u4f4e\u65bc\u4eca\u5e74\u9996\u5b63\u5e73\u5747\u7d048%\u7684\u6c34\u5e73\u3002\u5373\u4f7f\u96a8\u7740\u6642\u9593\u7684\u63a8\u79fb\uff0c\u806f\u5132\u5c40\u6709\u4e0a\u8abf\u901a\u8139\u9810\u6e2c\uff0c\u4f46\u4ecd\u7136\u6301\u7e8c\u4f4e\u4f30\u5be6\u969b\u60c5\u6cc1\uff0c\u800c\u4e14\u5728\u653f\u7b56\u4e0a\u6c92\u6709\u8db3\u5920\u5730\u63d0\u9ad8\u5229\u7387\u3002<\/p>\n<h5>\u806f\u5132\u5c40\u504f\u96e2\u6cf0\u52d2\u539f\u5247<\/h5>\n<p>\u806f\u5132\u5c40\u6709\u6240\u8b02\u96d9\u91cd\u4f7f\u547d\uff08dual mandate\uff09\uff0c\u5373\u8ca8\u5e63\u653f\u7b56\u8981\u9054\u5230\u6700\u9ad8\u5c31\u696d\u548c\u5e73\u57472%\u7684\u901a\u8139\u7387\u3002\u5229\u7387\u8981\u7dad\u6301\u5728\u4ec0\u9ebc\u6c34\u5e73\uff0c\u624d\u80fd\u9054\u5230\u9019\u4e9b\u653f\u7b56\u76ee\u7684\uff1f\u9a5f\u773c\u770b\u4f86\uff0c\u9019\u4e26\u4e0d\u662f\u5bb9\u6613\u89e3\u7b54\u7684\u8ab2\u984c\u3002\u4f46\u8ca8\u5e63\u7d93\u6fdf\u5b78\u4e2d\u6709\u4e00\u500b\u8457\u540d\u7684\u6cf0\u52d2\u898f\u5247\uff08Taylor&#8217;s Rule\uff09\u53ef\u5e6b\u52a9\u8a08\u7b97\u6709\u95dc\u5229\u7387\u3002\u5373\u4f7f\u7b54\u6848\u4e0d\u53ca\u81ea\u7136\u79d1\u5b78\u822c\u7cbe\u6e96\uff0c\u4f46\u4e5f\u53ef\u4f5c\u70ba\u53c3\u8003\uff0c\u800c\u4e14\u6cf0\u52d2\u898f\u5247\u6709\u6309\u4e0d\u540c\u8a2d\u5b9a\u884d\u751f\u7684\u4e0d\u540c\u7248\u672c\uff0c\u53ef\u52a0\u5f37\u6c7a\u7b56\u8005\u7406\u89e3\u60c5\u6cc1\u3002\u7c21\u55ae\u800c\u8a00\uff0c\u6cf0\u52d2\u898f\u5247\u4e2d\u6709\u4e00\u500b\u7c21\u55ae\u7684\u7d44\u6210\u90e8\u5206\uff1a\u5982\u679c\u901a\u8139\u4e0a\u5347x%\u7684\u6642\u5019\uff0c\u540d\u7fa9\u5229\u7387\u8981\u63d0\u9ad8\u591a\u65bcx%\uff0c\u624d\u80fd\u900f\u904e\u589e\u52a0\u5be6\u8cea\u5229\u7387\u6e1b\u5c11\u7d93\u6fdf\u6d3b\u52d5\uff0c\u5f9e\u800c\u6709\u6548\u58d3\u6291\u3001\u7d13\u7de9\u901a\u8139\u3002\u7d93\u6fdf\u6d3b\u52d5\u4e3b\u8981\u6c7a\u5b9a\u65bc\u5be6\u8cea\u5229\u7387\u800c\u975e\u540d\u7fa9\u5229\u7387\u3002<\/p>\n<p>\u6cf0\u52d2\u539f\u5247\u88ab\u806f\u5132\u5c40\u5217\u70ba\u826f\u597d\u8ca8\u5e63\u653f\u7b56\u7684\u4e09\u5927\u8981\u7d20\u4e4b\u4e00<a href=\"#\u8a3b\">\u3010\u8a3b\u3011<\/a>\u3002\u4f46\u56de\u9867\u904e\u53bb\u4e00\u5e74\uff0c\u76f8\u5c0d\u65bc\u901a\u8139\u7531\u53bb\u5e743\u6708\u76842.6%\u4e0a\u5347\u81f3\u4eca\u5e74\u540c\u6708\u76848.5%\uff0c\u806f\u5132\u5c40\u53ea\u5728\u4eca\u5e743\u6708\u52a0\u606f0.25\u5398\uff0c\u660e\u986f\u80cc\u96e2\u4e86\u4e4b\u524d\u63a5\u53d7\u7684\u826f\u597d\u653f\u7b56\u3002\u6c7a\u5b9a\u8ca8\u5e63\u653f\u7b56\u7684\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u6210\u54e1\u6216\u8a31\u7919\u65bc\u52a0\u606f\u5c0d\u91d1\u878d\u5e02\u5834\u7684\u5f71\u97ff\u800c\u6709\u6240\u9867\u5fcc\uff0c\u5c07\u8ca8\u5e63\u653f\u7b56\u898f\u5247\u7f6e\u8af8\u8166\u5f8c\u3002\u7336\u8a18\u5f97\u524d\u806f\u5132\u5c40\u4e3b\u5e2d\u8c9d\u5357\u5947\u57282013\u5e746\u6708\u91cf\u5316\u5bec\u9b06\u671f\u9593\u63d0\u53ca\u6e1b\u5c11\u8cb7\u50b5\u7684\u53ef\u80fd\u6027\uff0c\u96a8\u5373\u5f15\u767c\u50b5\u5238\u5e02\u5834\u7684\u300c\u524a\u6e1b\u6050\u614c\u300d\uff08taper tantrum\uff09\u3002<\/p>\n<p>\u5728\u904e\u53bb\u6578\u5e74\u9593\uff0c\u806f\u5132\u5c40\u6bcf\u5e742\u6708\u767c\u8868\u7684\u300a\u8ca8\u5e63\u653f\u7b56\u5831\u544a\u300b\u4e2d\uff0c\u5747\u6709\u4e00\u7bc0\u8a0e\u8ad6\u8ca8\u5e63\u653f\u7b56\u898f\u5247\uff0c\u4f46\u4eca\u5e742\u6708\u7684\u5831\u544a\u537b\u522a\u53bb\u9019\u4e00\u7bc0\u3002\u6709\u8da3\u7684\u662f\uff0c\u7adf\u7136\u6709\u4eba\u5728\u807d\u8b49\u6703\u4e0a\u95dc\u6ce8\u5230\u9019\u4e00\u9ede\u4e26\u8a62\u554f\u9b91\u5a01\u723e\u3002\u9b91\u5a01\u723e\u53ea\u8aaa\u4e0b\u5e74\u5ea6\u7684\u5831\u544a\u6703\u91cd\u65b0\u52a0\u5165\uff0c\u4e26\u672a\u63d0\u4f9b\u4efb\u4f55\u89e3\u91cb\u3002\u5728\u53f2\u4e39\u798f\u5927\u5b78\u4efb\u8077\u7684\u6cf0\u52d2\u6559\u6388\u731c\u6e2c\uff0c\u6309\u8ca8\u5e63\u653f\u7b56\u898f\u5247\u7684\u65b9\u7a0b\u5f0f\u6f14\u7b97\u51fa\u4f86\u7684\u5229\u606f\uff0c\u6703\u9060\u9ad8\u65bc\u5e02\u5834\u6240\u898b\uff0c\u6545\u4fdd\u7559\u6b64\u7ae0\u7bc0\u53ea\u6703\u4ee4\u806f\u5132\u5c40\u5c37\u5c2c\u3002<\/p>\n<p>\u7576\u8ca8\u5e63\u653f\u7b56\u672a\u80fd\u8ffd\u4e0a\u901a\u8139\uff0c\u540d\u7fa9\u5229\u7387\u7684\u589e\u52a0\u4f4e\u65bc\u901a\u8139\u7684\u4e0a\u5347\u5e45\u5ea6\u6642\uff0c\u5373\u5be6\u969b\u5229\u7387\u4e0b\u8dcc\uff0c\u9f13\u52f5\u66f4\u591a\u7d93\u6fdf\u6d3b\u52d5\uff0c\u9032\u4e00\u6b65\u523a\u6fc0\u901a\u8139\uff0c\u9020\u6210\u60e1\u6027\u5faa\u74b0\u3002\u82e5\u5230\u9019\u500b\u6642\u5019\u624d\u4e0b\u5b9a\u6c7a\u5fc3\u6253\u64ca\u901a\u8139\uff0c\u540d\u7fa9\u5229\u7387\u5fc5\u9808\u5927\u5e45\u5ea6\u589e\u52a0\uff0c\u4f46\u9019\u81ea\u7136\u6703\u5f15\u767c\u7d93\u6fdf\u8870\u9000\u3002\u5728\u516b\u5341\u5e74\u4ee3\u521d\uff0c\u806f\u5132\u5c40\u4e3b\u5e2d\u6c83\u723e\u514b\u5728\u6536\u62fe\u4e03\u5341\u5e74\u4ee3\u9ad8\u901a\u8139\u7684\u721b\u6524\u5b50\u6642\uff0c\u9700\u8981\u5c07\u6700\u512a\u60e0\u5229\u7387\u589e\u52a0\u81f320\u5398\u4ee5\u4e0a\uff0c\u9020\u6210\u63a5\u8fd110%\u7684\u5931\u696d\u7387\u3002<\/p>\n<h5>\u7570\u5e38\u5e63\u7b56\u96e3\u91cd\u56de\u6b63\u8ecc<\/h5>\n<p>\u5728\u901a\u8139\u6642\u671f\uff0c\u50f1\u4e3b\u6216\u50f1\u54e1\u90fd\u6703\u5c0d\u50f9\u683c\u548c\u5de5\u8cc7\u4e0a\u5347\u6709\u4e00\u5b9a\u7684\u9810\u671f\u3002\u901a\u8139\u6108\u9ad8\uff0c\u9810\u671f\u901a\u8139\u4e5f\u6108\u9ad8\u3002\u65e5\u5b50\u4e45\u4e86\uff0c\u9810\u671f\u901a\u8139\u5f62\u6210\u4e00\u5b9a\u7684\u525b\u6027\uff0c\u53cd\u904e\u4f86\u5f71\u97ff\u771f\u6b63\u7684\u901a\u8139\u3002\u5982\u679c\u773e\u591a\u7684\u50f1\u54e1\u90fd\u9810\u671f\u901a\u8139\u662f10%\uff0c\u90a3\u4ed6\u5011\u90fd\u4e0d\u5927\u9858\u610f\u63a5\u53d7\u4f4e\u65bc10%\u7684\u5de5\u8cc7\u589e\u9577\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5982\u679c\u773e\u591a\u7684\u50f1\u4e3b\u9810\u671f\u901a\u8139\u662f10%\uff0c\u4ed6\u5011\u4e5f\u6703\u5c07\u7522\u54c1\u50f9\u683c\u8abf\u9ad8\u81f3\u5c1110%\u3002\u50f1\u54e1\u770b\u898b\u7269\u50f9\u4e0a\u5347\uff0c\u81ea\u7136\u89ba\u5f97\u81ea\u5df1\u8981\u6c42\u7684\u52a0\u85aa\u662f\u5408\u7406\u7684\u3002\u50f1\u4e3b\u70ba\u61c9\u4ed8\u52de\u52d5\u6210\u672c\u4e0a\u5347\uff0c\u81ea\u7136\u4e5f\u89ba\u5f97\u63d0\u9ad8\u7522\u54c1\u50f9\u683c\u662f\u5408\u7406\u7684\u3002\u5728\u7d93\u6fdf\u4e92\u52d5\u7684\u7d50\u679c\u4e0b\uff0c\u901a\u8139\u81ea\u7136\u6703\u7dad\u6301\u5728\u7d0410%\u7684\u8f03\u9ad8\u6c34\u5e73\u3002<\/p>\n<p>\u82e5\u592e\u884c\u6709\u826f\u597d\u7684\u8ca8\u5e63\u653f\u7b56\u8a18\u9304\uff0c\u5728\u5e02\u5834\u5efa\u7acb\u4e86\u4e00\u5b9a\u4fe1\u7528\uff0c\u90a3\u5e02\u5834\u5c0d\u901a\u8139\u7684\u9810\u671f\u4fbf\u6703\u5efa\u57fa\u65bc\u592e\u884c\u7684\u653f\u7b56\u6307\u5f15\u3002\u4f46\u806f\u5132\u5c40\u5728\u904e\u53bb\u4e00\u5e74\u9593\u4e26\u672a\u80fd\u9810\u6e2c\u5230\u901a\u8139\u7684\u9ad8\u901f\u589e\u9577\uff0c\u751a\u81f3\u66fe\u5c0d\u5e02\u5834\u8868\u793a\u7576\u524d\u7684\u9ad8\u901a\u8139\u4e0d\u904e\u662f\u904e\u6e21\u6027\u7684\u73fe\u8c61\u3002\u4e00\u773e\u5c0f\u5e02\u6c11\u4e0d\u77e5\u5c31\u88cf\uff0c\u53ea\u89ba\u5f97\u901a\u8139\u4f86\u5f97\u9632\u4e0d\u52dd\u9632\u3002\u70ba\u4fdd\u8b77\u500b\u4eba\u5229\u76ca\uff0c\u81ea\u7136\u4fbf\u6703\u63d0\u9ad8\u901a\u8139\u9810\u671f\uff0c\u4e26\u5c0d\u806f\u5132\u5c40\u7684\u8072\u660e\u5b58\u7591\u3002\u9019\u90fd\u4f7f\u806f\u5132\u5c40\u904f\u6291\u901a\u8139\u7684\u653f\u7b56\u4e8b\u500d\u529f\u534a\u3002<\/p>\n<p>\u9664\u4e86\u4e0a\u8ff0\u60c5\u6cc1\uff0c\u4eca\u5e742\u6708\u5e95\u7206\u767c\u7684\u4fc4\u70cf\u6230\u722d\u66f4\u56b4\u91cd\u5f71\u97ff\u5168\u7403\u80fd\u6e90\u548c\u7ce7\u98df\u50f9\u683c\u3002\u76ee\u524d\u6230\u6cc1\u81a0\u7740\uff0c\u653f\u7d93\u524d\u666f\u6975\u4e0d\u660e\u6717\u3002\u4f46\u7121\u8ad6\u6230\u4e8b\u5982\u4f55\u6f14\u8b8a\uff0c\u77ed\u671f\u5167\u90fd\u662f\u8ca0\u9762\u60c5\u6cc1\u5c45\u591a\uff0c\u7279\u5225\u662f\u5c0d\u6b50\u6d32\u7d93\u6fdf\u800c\u8a00\u3002<\/p>\n<p>\u57282008\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0c\u5404\u4e3b\u8981\u592e\u884c\u7684\u5bec\u9b06\u8ca8\u5e63\u653f\u7b56\u6c92\u6709\u5c0e\u81f4\u9ad8\u901a\u8139\uff0c\u4f46\u5df2\u7d93\u4f7f\u5168\u7403\u7d93\u6fdf\u5438\u7d0d\u4e86\u4e0d\u5c11\u6d41\u52d5\u6027\u3002\u5728\u65b0\u51a0\u75ab\u60c5\u5f8c\uff0c\u6975\u5ea6\u64f4\u5f35\u6027\u7684\u8ca8\u5e63\u653f\u7b56\u6240\u6ce8\u5165\u7684\u5927\u91cf\u8cc7\u91d1\uff0c\u81ea\u7136\u8f15\u6613\u5730\u5e36\u52d5\u7269\u50f9\u4e0a\u5347\u3002\u8981\u628a\u901914\u5e74\u9593\u51fa\u73fe\u7684\u7570\u5e38\u8ca8\u5e63\u4f9b\u61c9\u5e36\u56de\u5fa9\u6b63\u8ecc\u4e26\u4e0d\u5bb9\u6613\uff0c\u518d\u52a0\u4e0a\u65b0\u51a0\u75ab\u60c5\u3001\u4e2d\u7f8e\u535a\u5f08\u3001\u4fc4\u70cf\u6230\u722d\u3001\u53bb\u5168\u7403\u5316\u3001\u6c23\u5019\u8b8a\u5316\u7b49\u56e0\u7d20\u5c0d\u7d93\u6fdf\u7684\u5f71\u97ff\uff0c\u5168\u7403\u901a\u8139\u5927\u6982\u6703\u6301\u7e8c\u8655\u65bc\u4e00\u500b\u8f03\u9ad8\u6c34\u5e73\u3002\u4f4e\u901a\u8139\u6642\u4ee3\u5df2\u6f38\u884c\u3001\u6f38\u9060\u3001\u6f38\u7121\u8072\u3002<\/p>\n<p>&nbsp;<\/p>\n<p><a id=\"\u8a3b\" name=\"\u8a3b\"><\/a>\u3010\u8a3b\u3011<a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/principles-for-the-conduct-of-monetary-policy.htm\">https:\/\/www.federalreserve.gov\/monetarypolicy\/principles-for-the-conduct-of-monetary-policy.htm<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u9678\u708e\u8f1d \u6e2f\u5927\u7d93\u7ba1\u5b78\u9662\u69ae\u8b7d\u526f\u6559\u6388<\/strong><\/p>\n<p>\uff08\u672c\u6587\u540c\u6642\u65bc\u4e8c\u96f6\u4e8c\u4e8c\u5e74\u4e94\u6708\u56db\u65e5\u8f09\u65bc\u300a\u4fe1\u5831\u300b\u300c\u9f8d\u864e\u5c71\u4e0b\u300d\u5c08\u6b04\u3002\uff09<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"tags":[2334],"class_list":["post-166601","thought-leadership","type-thought-leadership","status-publish","hentry","tag-2334","leadership-topic-categories-opinions-and-speeches-tc","in-the-media-topic-categories-faculty-tc","opinion-speeches-categories-economics-tc"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"google-site-verification\" content=\"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.10\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"HKU Business School -\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8 - HKU Business School\" \/>\n\t\t<meta property=\"og:description\" content=\"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2022-05-05T01:00:21+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2022-05-04T06:13:10+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8 - HKU Business School\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/opinions-and-speeches\\\/the-era-of-high-inflation-2\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/tag\\\/%e9%80%9a%e8%84%b9\\\/#listItem\",\"name\":\"\\u901a\\u8139\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/tag\\\/%e9%80%9a%e8%84%b9\\\/#listItem\",\"position\":2,\"name\":\"\\u901a\\u8139\",\"item\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/tag\\\/%e9%80%9a%e8%84%b9\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/opinions-and-speeches\\\/the-era-of-high-inflation-2\\\/#listItem\",\"name\":\"\\u9ad8\\u901a\\u8139\\u6642\\u4ee3\\u4f86\\u81e8\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/opinions-and-speeches\\\/the-era-of-high-inflation-2\\\/#listItem\",\"position\":3,\"name\":\"\\u9ad8\\u901a\\u8139\\u6642\\u4ee3\\u4f86\\u81e8\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/tag\\\/%e9%80%9a%e8%84%b9\\\/#listItem\",\"name\":\"\\u901a\\u8139\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#organization\",\"name\":\"HKU Business School\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/opinions-and-speeches\\\/the-era-of-high-inflation-2\\\/#webpage\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/opinions-and-speeches\\\/the-era-of-high-inflation-2\\\/\",\"name\":\"\\u9ad8\\u901a\\u8139\\u6642\\u4ee3\\u4f86\\u81e8 - HKU Business School\",\"description\":\"\\u9019\\u5169\\u5929\\u662f\\u7f8e\\u570b\\u806f\\u5132\\u5c40\\u516c\\u958b\\u5e02\\u5834\\u59d4\\u54e1\\u6703\\u8b70\\u606f\\u7684\\u65e5\\u5b50\\uff0c\\u5e02\\u5834\\u4e00\\u822c\\u9810\\u671f\\u806f\\u90a6\\u57fa\\u91d1\\u5229\\u7387\\u6703\\u4e0a\\u8abf0.5\\u5398\\u3002\\u5982\\u679c\\u5c6c\\u5be6\\uff0c\\u5c07\\u6703\\u662f\\u806f\\u5132\\u5c40\\u81ea2000\\u5e743\\u6708\\u4ee5\\u4f86\\u9996\\u6b21\\u4f5c\\u534a\\u5398\\u5e45\\u5ea6\\u7684\\u52a0\\u606f\\u3002\\u5728\\u904e\\u53bb22\\u5e74\\u9593\\uff0c\\u82e5\\u806f\\u5132\\u5c40\\u6c7a\\u5b9a\\u52a0\\u606f\\uff0c\\u6bcf\\u6b21\\u90fd\\u53ea\\u6703\\u589e\\u52a00.25\\u5398\\u7684\\u606f\\u7387\\uff0c\\u53cd\\u6620\\u662f\\u6b21\\u6c7a\\u7b56\\u7684\\u4e0d\\u5c0b\\u5e38\\u3002\\u9664\\u606f\\u7387\\u5916\\uff0c\\u5e02\\u5834\\u4e5f\\u95dc\\u6ce8\\u806f\\u5132\\u5c40\\u4ec0\\u9ebc\\u6642\\u5019\\u958b\\u59cb\\u300c\\u7e2e\\u8868\\u300d\\uff0c\\u4e5f\\u5c31\\u662f\\u6e1b\\u5c11\\u50b5\\u5238\\u6301\\u6709\\u91cf\\u3002\\u773e\\u6240\\u5468\\u77e5\\uff0c\\u9019\\u4e9b\\u95dc\\u6ce8\\u90fd\\u6e90\\u65bc\\u7f8e\\u570b\\u901a\\u8139\\u7387\\u6301\\u7e8c\\u6309\\u6708\\u6500\\u5347\\uff0c\\u5f9e\\u53bb\\u5e743\\u6708\\u76842.6%\\uff08\\u6309\\u5e74\\uff09\\u589e\\u52a0\\u81f3\\u672c\\u5e743\\u6708\\u76848.5%\\u3002\",\"inLanguage\":\"zh-HK\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/research\\\/thought-leadership\\\/opinions-and-speeches\\\/the-era-of-high-inflation-2\\\/#breadcrumblist\"},\"datePublished\":\"2022-05-05T09:00:21+08:00\",\"dateModified\":\"2022-05-04T14:13:10+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#website\",\"url\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/\",\"name\":\"HKU Business School\",\"inLanguage\":\"zh-HK\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.hkubs.hku.hk\\\/tc\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8 - HKU Business School","description":"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002","canonical_url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/","robots":"max-image-preview:large","keywords":"","webmasterTools":{"google-site-verification":"google-site-verification=MjdkluDgHpNk2vz5slbwER2Gusw2rUDQuVULMERWzLo","miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#listItem","position":1,"name":"Home","item":"https:\/\/www.hkubs.hku.hk\/tc\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/tag\/%e9%80%9a%e8%84%b9\/#listItem","name":"\u901a\u8139"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/tag\/%e9%80%9a%e8%84%b9\/#listItem","position":2,"name":"\u901a\u8139","item":"https:\/\/www.hkubs.hku.hk\/tc\/tag\/%e9%80%9a%e8%84%b9\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/#listItem","name":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/#listItem","position":3,"name":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8","previousItem":{"@type":"ListItem","@id":"https:\/\/www.hkubs.hku.hk\/tc\/tag\/%e9%80%9a%e8%84%b9\/#listItem","name":"\u901a\u8139"}}]},{"@type":"Organization","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization","name":"HKU Business School","url":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"@type":"WebPage","@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/#webpage","url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/","name":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8 - HKU Business School","description":"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002","inLanguage":"zh-HK","isPartOf":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website"},"breadcrumb":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/#breadcrumblist"},"datePublished":"2022-05-05T09:00:21+08:00","dateModified":"2022-05-04T14:13:10+08:00"},{"@type":"WebSite","@id":"https:\/\/www.hkubs.hku.hk\/tc\/#website","url":"https:\/\/www.hkubs.hku.hk\/tc\/","name":"HKU Business School","inLanguage":"zh-HK","publisher":{"@id":"https:\/\/www.hkubs.hku.hk\/tc\/#organization"}}]},"og:locale":"en_US","og:site_name":"HKU Business School -","og:type":"article","og:title":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8 - HKU Business School","og:description":"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002","og:url":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/","article:published_time":"2022-05-05T01:00:21+00:00","article:modified_time":"2022-05-04T06:13:10+00:00","twitter:card":"summary","twitter:title":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8 - HKU Business School","twitter:description":"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002"},"aioseo_meta_data":{"post_id":"166601","title":null,"description":"\u9019\u5169\u5929\u662f\u7f8e\u570b\u806f\u5132\u5c40\u516c\u958b\u5e02\u5834\u59d4\u54e1\u6703\u8b70\u606f\u7684\u65e5\u5b50\uff0c\u5e02\u5834\u4e00\u822c\u9810\u671f\u806f\u90a6\u57fa\u91d1\u5229\u7387\u6703\u4e0a\u8abf0.5\u5398\u3002\u5982\u679c\u5c6c\u5be6\uff0c\u5c07\u6703\u662f\u806f\u5132\u5c40\u81ea2000\u5e743\u6708\u4ee5\u4f86\u9996\u6b21\u4f5c\u534a\u5398\u5e45\u5ea6\u7684\u52a0\u606f\u3002\u5728\u904e\u53bb22\u5e74\u9593\uff0c\u82e5\u806f\u5132\u5c40\u6c7a\u5b9a\u52a0\u606f\uff0c\u6bcf\u6b21\u90fd\u53ea\u6703\u589e\u52a00.25\u5398\u7684\u606f\u7387\uff0c\u53cd\u6620\u662f\u6b21\u6c7a\u7b56\u7684\u4e0d\u5c0b\u5e38\u3002\u9664\u606f\u7387\u5916\uff0c\u5e02\u5834\u4e5f\u95dc\u6ce8\u806f\u5132\u5c40\u4ec0\u9ebc\u6642\u5019\u958b\u59cb\u300c\u7e2e\u8868\u300d\uff0c\u4e5f\u5c31\u662f\u6e1b\u5c11\u50b5\u5238\u6301\u6709\u91cf\u3002\u773e\u6240\u5468\u77e5\uff0c\u9019\u4e9b\u95dc\u6ce8\u90fd\u6e90\u65bc\u7f8e\u570b\u901a\u8139\u7387\u6301\u7e8c\u6309\u6708\u6500\u5347\uff0c\u5f9e\u53bb\u5e743\u6708\u76842.6%\uff08\u6309\u5e74\uff09\u589e\u52a0\u81f3\u672c\u5e743\u6708\u76848.5%\u3002","keywords":"","keyphrases":null,"primary_term":null,"canonical_url":"","og_title":"","og_description":"","og_object_type":"article","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":"","og_article_tags":"","twitter_use_og":false,"twitter_card":"summary","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"breadcrumb_settings":null,"limit_modified_date":0,"ai":null,"created":"2023-03-01 07:54:59","updated":"2023-03-01 07:54:59","seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/tc\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.hkubs.hku.hk\/tc\/tag\/%e9%80%9a%e8%84%b9\/\" title=\"\u901a\u8139\">\u901a\u8139<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.hkubs.hku.hk\/tc\/"},{"label":"\u901a\u8139","link":"https:\/\/www.hkubs.hku.hk\/tc\/tag\/%e9%80%9a%e8%84%b9\/"},{"label":"\u9ad8\u901a\u8139\u6642\u4ee3\u4f86\u81e8","link":"https:\/\/www.hkubs.hku.hk\/tc\/research\/thought-leadership\/opinions-and-speeches\/the-era-of-high-inflation-2\/"}],"_links":{"self":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/166601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership"}],"about":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/types\/thought-leadership"}],"version-history":[{"count":1,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/166601\/revisions"}],"predecessor-version":[{"id":166603,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/thought-leadership\/166601\/revisions\/166603"}],"wp:attachment":[{"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/media?parent=166601"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hkubs.hku.hk\/tc\/wp-json\/wp\/v2\/tags?post=166601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}