Paul Lachine

放弃财政紧缩

纽黑文——

在许多国家,长期实际利率,即抗通胀债券的利率,已跌至历史低值。这个经济现象意义重大,因为长期实际利率直接衡量着公司运营、创业以及扩大公司规模时的借贷成本——低水平的实际利率与要求削减政府赤字的呐喊背道而驰。

名义利率——以美元、欧元、人民币等为例——很难知晓,因为以名义利率借贷的真实成本取决于将来的通胀情况,而通胀的发展趋势总是难以预料。如果我以4%的利率借取十年后到期的欧元,那么我知道我将每年支付4%的本金利息,但是我不知道的是这笔利息到底是多少。

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