There is something intuitive about the idea that when the Fed “prints money,” the money flows into commodities, among other places, and so bids their prices up – and thus that prices fall when interest rates rise. But, what, exactly, is the causal mechanism?
直觉似乎告诉我们，当美联储“印钱”时，资金流入大宗商品和其他领域，推高它们的价格&mdash;&mdash;因此，当利率升高时，价格就下跌。但是，其中的因果关系到底在哪里？