通过模型的校准之后，将模型产生的数据与实际数据进行比较， Backus 等(1994)又发现了一个异常 价格异常(Price Anomaly)：实际的贸易条件比模型得到的贸易条件的波动性要大 得多（比如，美国的贸易条件的标准差为2.92，而模型得到的贸易条件标准差为 ...
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If you discover an arbitrage opportunity-otherwise known as a "price anomaly" or "free money" -it will be profitable only as long as few people know about it.
如果你发现了一个套利机会，那么只有其他人还不太知道它时，它才会让你盈利。
Over long periods (more than three years or so) an opposite anomaly known as the value effect occurs: shares that are depressed in price tend to rebound.
很长一段时间以后(大约超过三年)，一种名为“价值效应”的反方向异常现象就会发生：价格长期位于低水平的股票会发生反弹。
As an important anomaly of the effective market theory, the momentum effect is one of the most serious challenges to the classical models of rational price formation.
作为有效市场理论的重要异象，动量效应是基于风险的传统资产定价理论的最严重挑战之一。
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