Most recently--A few years ago, we were living in a regime of negative real interest rates, when the Fed was pursuing a very aggressive monetary policy.

就在最近几年之前,我们生活在,负实际利率的政策中,当时美联储追求一种,非常激进的货币政策

耶鲁公开课 - 金融市场课程节选

I suspect that with the subprime crisis the Fed will be pushing real interest rates down dramatically again and we may be in a period of negative real interest rates again.

我推测,由于次贷危机,美联储会又一次大幅下调实际利率,我们可能会再次进入,负实际利率的时代

耶鲁公开课 - 金融市场课程节选