The Empirical Study on the Price-Interest Rate Relations in View of Monetary Standard Institution Change
实证研究中国不同货币本位制度下的价格-利率关系，发现从商品本位到信用本位的变化导致吉布森悖论转变为费雪效应，并指出信用货币缺乏有效锚定是根本原因，对人民币国际化有启示。
This empirical study is conducted on the price-interest relations under China's different monetary standards.The result supports Friedman's assertion that the break from Gibson paradox to Fisher effect is due to the change of monetary standard.Under commodity standard,the variability of purchasing power of money is high in short term but stationary in long term,while under fiduciary standard it is low in short run but non-stationary in long run.The root is the fiat money has no effective anchor.It attributes to growing human impatience and short-term biased behavior.Sustainable economic development and internationalization of RMB require credibly anchoring fiat money.