NPR's Planet Money Indicator podcast just did an episode[1] of this topic as it relates to Turkey, where the big cheese decided that in fact, no, high interest rates don't fix inflation, and that it was low interest rates that fixed inflation.
The results have been grim for the lira, to say the least.
The episode finishes with a note that they've appointed a new finance minister who has said "the country has to return to a rational basis for its economic policy". So we'll see what changes are made - or whether this person lasts in this role for very long.
The results have been grim for the lira, to say the least.
The episode finishes with a note that they've appointed a new finance minister who has said "the country has to return to a rational basis for its economic policy". So we'll see what changes are made - or whether this person lasts in this role for very long.
1. https://www.npr.org/transcripts/1180819327 [transcript]