根据借款时间的长度,名义利率按照不同的到期口报价。例如,2004 年底,美国政府可以以略高于4%
Nominal interest rates are quoted at a variety of maturities,corresponding to different lengths of loans. For example, in late 2004 the U.S. government could take out 10-year loans at an annual interest rate of slightly over 4 percent,whereas the annual rate it paid on loans of only three months' duration was slightly under 2 percent. (An annualized interest rate of 2 percent on a three-month loan means that if you borrow a dollar,you repay $ 1.005=$1+(3/12)X$0.02 at the end of three months.) Typically,though not always, long-term interest rates are above short-term rates,as in the preceding examples from 2004. In terms of the Fisher effect,what would that pattern say about expected inflation and/or the expected future real interest rate?