The real difference between Federal Reserve Bank System of 1913 the most important difference and the Federal Reserve System of today is that we are no longer on the gold standard.

913年的联邦储备银行系统与,当今的联邦储备银行系统之间3,不同点在于,最重要的不同点,我们不再以金本位为基础了。

耶鲁公开课 - 金融市场课程节选

The thing that is very interesting that he finds is the difference, 4%, between the historical real return on stocks and the historical real return on bonds.

非常有趣的是,他发现历史实际股票收益，和历史实际债券收益之间,存在4%的差异。

耶鲁公开课 - 金融市场课程节选