The value of money changes through time because of inflation or deflation; yet, most of our debts are written in money terms.

货币的价值因时而异,那是因为存在通货膨胀和通货紧缩;,但是，我们大多数负债都以货币方式记录。

耶鲁公开课 - 金融市场课程节选

Listen, the two periods in American history 1945 1890 to 1945 The economy suffers 3 contractions of 5 percent, 15% 2 of 10, and 2 of almost 15 percent.

听好，美国历史上的两大时期,第一时期是从1890到5,经济遭受过三次紧缩率为5%的经济紧缩，两次10%，还有两次高达。

斯坦福公开课 - 经济学课程节选

It wasn't caused by the Fed's sudden tightening against inflation. It was different it was this recession was not understood not anticipated; the Fed came in late to cut interest rates to try to prevent it from being worse because it just didn't seem to have any reason for happening.

它不是由于美联储对通货膨胀的,突然紧缩政策造成的，它不同之处在于,这个经济衰退没有被理解，没有事先准备好；,美联储试图阻止它恶化而,降低利率为时已晚，因为,它似乎看起来没有任何理由发生。

耶鲁公开课 - 金融市场课程节选

Well after that, the bond price went up because people saw that as a sign that the company was tightening its belt and doing things right to have money to pay off the bondholders; so it was self-interested, I suppose--maybe you can ask him about this.

在这之后,债券的价格升高了,因为人们认为降低红利是一个信号,说明公司开始紧缩开支走向正轨,并且去偿付债券持有人,莱德利夫通过这种做法达到利己的目的,我想你们可以就此事向莱德利夫提问

耶鲁公开课 - 金融市场课程节选

Now there was inflation with regard to a basket of the Consumer Price Index is not just the price of gold; it's the price of many things but the there would be inflation or deflation as the relative price of gold changed.

现在，就一组物品来说，是存在通货膨胀的,消费者价格指数并不仅仅是金子的价格；,它是很多东西的价格，但是,当金子的相对价格变化时,通货膨胀或通货紧缩就会发生。

耶鲁公开课 - 金融市场课程节选