重点是广义货币供应量（M2和M3）极大高估了系统里实际存在的“真实货币”的数目。

The point is that the broadest measures of the money supply (M2 and M3) vastly overstate how much "real money" actually exists in the system.

youdao

相反的情况实际上也是真实的。

The exact opposite is actually true.

youdao

首先，它基于真实的证据和经验，而且被证明是可以实际运用的。

Firstly, it is based on real evidence and experience, and has been proven to work.

youdao

We've had episodes in our history when real interest rates have made major moves and these movements are very important for what is happening in our lives.

历史上有一些真实事件,实际利率发生很大的变化,这些变化对我们的生活,有非常重要的影响

耶鲁公开课 - 金融市场课程节选