Nominal v. Real Interest Rates · 名义利率与实际利率
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| real interest rate/rɪəl ˈɪntrest reɪt/ | 实际利率 | shí jì lì lǜ |
| Fisher equation/ˈfɪʃə ɪˈkweɪʒn/ | 费雪方程 | fèi xuě fāng chéng |
| nominal interest rate/ˈnɒmɪnl ˈɪntrest reɪt/ | 名义利率 | míng yì lì lǜ |
| expected inflation/ekˈspektɪd ɪnˈfleɪʃn/ | 预期通货膨胀 | yù qī tōng huò péng zhàng |
| borrowers/ˈbɒrəʊəz/ | 借款人 | jiè kuǎn rén |
| lenders/ˈlendəz/ | 放款人 | fàng kuǎn rén |
The interest rate that really matters
- The rate you see quoted is in current dollars — but inflation eats those dollars.
- So the number on the loan is not the whole story.
- What matters is how much buying power a lender truly earns.
- That is the difference between the nominal and the real interest rate.
真正要紧的利率
- 你看到的利率是以当年货币计的——但通胀会侵蚀这些货币。
- 所以贷款上的那个数字并不是全部。
- 要紧的是放款人真正赚到多少购买力。
- 这就是名义利率和实际利率的区别。
The Fisher equation
- The nominal interest rate 名义利率 is the percentage a lender charges in current dollars.
- The real interest rate 实际利率 strips inflation out.
- The Fisher equation 费雪方程: $\text{real rate} \approx \text{nominal rate} - \text{expected inflation}$.
- Expected inflation 预期通货膨胀 is how much prices are expected to rise.
费雪方程
- 名义利率(nominal interest rate)是放款人以当年货币收取的百分比。
- 实际利率(real interest rate)剔除通胀。
- 费雪方程(Fisher equation):$\text{real rate} \approx \text{nominal rate} - \text{expected inflation}$。
- 预期通货膨胀(expected inflation)是预计价格上涨多少。
Higher inflation than expected — who wins? · 通胀高于预期——谁获益?
The real rate is the nominal rate minus inflation. If inflation is higher than expected, borrowers win and lenders lose. · 实际利率是名义利率减去通胀。如果通胀高于预期,借款人获益,放款人受损。
The Fisher equation says the real interest rate approximately equals: · 费雪方程说,实际利率大约等于:
Real ≈ nominal − expected inflation — inflation is subtracted out. · 实际 ≈ 名义 − 预期通胀——通胀被减去。
The interest rate quoted in current dollars, before removing inflation, is the ______ rate. · 在剔除通胀之前、以当年货币报价的利率,是______利率。
The nominal rate includes inflation; the real rate takes it out. · 名义利率包含通胀;实际利率把它去掉。
To know how much buying power a lender truly earns, you use the: · 要知道放款人真正赚到多少购买力,你要用:
The real rate strips out inflation, showing the true gain in purchasing power. · 实际利率剔除通胀,显示购买力的真实增加。
Who wins from surprise inflation
- The gap between expected and actual inflation decides who gains.
- If inflation is higher than expected, borrowers 借款人 win — they repay in cheaper dollars — and lenders 放款人 lose.
- If inflation is lower than expected, lenders win and borrowers lose.
谁从意外通胀中获益
- 预期与实际通胀之间的差距,决定谁获益。
- 如果通胀比预期更高,借款人(borrowers)获益——他们用更不值钱的货币还款——而放款人(lenders)受损。
- 如果通胀比预期更低,放款人获益,借款人受损。
A loan has a nominal rate of 6% and inflation turns out to be 5%. What is the real interest rate, in percent? · 一笔贷款名义利率 6%,通胀结果是 5%。实际利率是多少(百分数)?
Real rate = 6 − 5 = 1%. · 实际利率 = 6 − 5 = 1%。
If inflation turns out higher than expected: · 如果通胀结果高于预期:
Borrowers repay with cheaper dollars, so lenders receive less buying power. · 借款人用更不值钱的货币还款,所以放款人收到的购买力更少。
If inflation is lower than expected, lenders gain and borrowers lose. · 如果通胀低于预期,放款人获益,借款人受损。
The dollars repaid buy more than the lender planned, so the lender benefits. · 还回的货币买得比放款人预计的更多,所以放款人受益。
A worked case
- Worked idea. A bank lends at a nominal rate of 6% and expects 2% inflation, so it plans on a real return of $6 - 2 = 4\%$.
- If inflation instead jumps to 5%, the real rate it actually earns is only $6 - 5 = 1\%$.
- The borrower repaid with cheaper dollars, so the borrower gained and the bank lost.
- This is exactly why unexpected inflation redistributes wealth.
一个例子
- 例题。 一家银行以 6% 的名义利率放贷,预期通胀 2%,所以它计划实际回报 $6 - 2 = 4\%$。
- 如果通胀反而跳到 5%,它实际赚到的实际利率只有 $6 - 5 = 1\%$。
- 借款人用更不值钱的货币还款,所以借款人赚了、银行亏了。
- 这正是为什么意外通胀会重新分配财富。
The nominal interest rate is quoted in current dollars; the real interest rate removes inflation, via the Fisher equation ($\text{real} \approx \text{nominal} - \text{expected inflation}$). Higher-than-expected inflation helps borrowers and hurts lenders; lower-than-expected does the reverse.
名义利率以当年货币计;实际利率剔除通胀,用费雪方程($\text{real} \approx \text{nominal} - \text{expected inflation}$)。高于预期的通胀帮助借款人、伤害放款人;低于预期则相反。