If you wanted to have a real frame, then you would index to the consumer price index or some other inflation index.
如果你想以实物框架理念来看的话,你就得将消费物价指数或者,其它通胀指数考虑在内。
I've come back from Ecuador and it's a massive shock, you know.
我从厄瓜多尔回来,这里的物价对我来说,是个巨大的冲击。
In my final slide is a picture of the first indexed bond; this is issued by the State of Massachusetts I actually own this bond.
最后一张幻灯片是,第一支物价指数债券的照片,这是麻省州政府发行的,其实我收藏了这张债券
I mean, in general, London is a bit expensive, I think.
整体上来说,伦敦的物价有点高,我觉得。
Mainly for the reasons that, you know, Manhattan is very expensive.
主要是因为曼哈顿的物价太贵了。
And I think because there's such a high cost of living,
而且我认为这里的物价很高,
because, you know, here, everything is kind of expensive.
因为这里的物价太贵了。
It's very expensive. That's true.
物价很高。这是真的。
So, if you bought a newspaper it would be only two sheets because it was so expensive-- not all the thick paper that we have today-- and it would cost something like $10 or $20 in today's prices.
你要是在当时买报纸的话,恐怕只有两页纸,因为纸实在是太贵了-,而且我们现在用的那种厚纸很少见-,按照今天的物价水平,大概需要10至20美元。
.. So for most people it was prohibitively-- We're talking in today's prices, roughly speaking.
所以这会使大多数人望而却步-,我以现在的物价水平做参照,大概而已。
What about the price range here?
这里的物价是什么水平?
With an indexed bond you don't have to do this calculation to get the real rate.
对于物价指数债券,你无需,通过以上计算得到实际利率
They're both deflated by the Consumer Price Index or, in the case of the UK, the Retail Price Index to give us a real home price.
两地指数均扣除了消费者价格指数,谈到伦敦房价,零售物价指数能够反映实际房价
Finally, I just want to say that we have also a kind of bond called an indexed bond, which is a bond whose coupons are indexed to inflation.
最后一点是,一种叫物价指数债券的债券,这种债券的票息被通胀指数化了
We now have something else called the Consumer Price Index.
而我们现在有了所谓的,消费者物价指数CPI
It says the price index contained this amount of beef, this amount of sheep wool, this amount of sole leather, and this amount of corn; that was the first consumer price index ever used for financial contracts.
指数中包括这些数量的牛肉,这些数量的羊毛,这些数量的鞋底皮,这些数量的玉米,这是在金融合约里出现的,第一个消费者物价指数
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