But this history means that the true real long-term interest rate was not as high in the 1980’s as our measures show, because long-term inflation expectations must have been much higher than the one-year inflation rate was at the time. Holders of long-term bonds, for example, must have thought that inflation would come roaring back after the effects of the 1981-2 global recession had passed.
但这段历史说明1980年代真正的实际长期利率并不像我们所计算的那样高。因为那时对长期通胀的期望值肯定比某一年份的通胀率要高得多。例如，长期债券的持有者一定认为在1981-1982年的全球经济衰退过去之后，通胀会强力反弹。