看前面的图26 - 7，该图演示了预期到的通胀是如何影响均衡利率的。

Look back at Figure 26-7, which demonstrated how expected inflation affects the equilibrium interest rate.

youdao

首先，全球制造供应链断裂会降低瓦尔拉斯均衡利率。

First, the disruption to the world's manufacturing supply chain could reduce the Walrasian equilibrium interest rate.

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但是，一系列的金融危机使人们逐渐认识到，信贷市场上发挥作用的不仅仅是利率，非价格机制也会对信贷市场的均衡起重要作用。

But a series of financial crises made it clear in credit market non-price terms of contract can also play an important role to the equilibrium of credit market as well as interest rate.

youdao

Nobody can see the interest rate-- why the interest rate's at the level it is in the market-- because nobody can see all these individuals; but that's why the interest rate gets determined and is in equilibrium.

没有人能知道,为什么市场利率会是现在的结果,因为没有人能知道其他人的想法,但市场利率就是这样确定并达到均衡

耶鲁公开课 - 金融市场课程节选