继续前面的问题，我们可以定义短期与长期的实际利率水平。在所有的情况下，相关的实际利率(年利

继续前面的问题，我们可以定义短期与长期的实际利率水平。在所有的情况下，相关的实际利率（年利

率以%表示)是到期日的年名义利率减去在借款期间预期的年通货膨胀率。回忆下，有证据表明相对购买力平价在长期比短期能够更好地成立。在这种情况下，国际实际利率差异在长期要比短期大吗？解释你的推理。

Continuing with the preceding problem，we can define short and long-term real rates of interest. In all cases the relevant real interest rate (annualized， that is，expressed in percent per year) is the annualized nominal interest rate at the maturity in question，less the annualized expected inflation rate over the period of the loan. Recall the evidence that relative PPP seems to hold better over long horizons than short. In that case，will international real interest differentials be larger at short than at long maturities？ Explain your reasoning.