名义利率与实际通货膨胀率之间的差距常被称为滞后实际利率（相对于超前实际利率或预期实际利率而言)。图15－1

名义利率与实际通货膨胀率之间的差距常被称为滞后实际利率(相对于超前实际利率或预期实际利率而言)。图15-1显示了1976～1980年，瑞士的滞后实际利率通常为正，而美国却一般为负。假设在这些年中，两国的居民均可对通货膨胀进行准确预期，那么你认为在1976～1980年国际汇率市场中美元对瑞士法郎的比价如何？1981～1982年呢？你可用历史数据来验证你的假设(可参阅国际货币基金组织《国际金融统计资料》(InternationalFit～twial Statistics))。

The difference between the nominal interest rate and the actual inflation rate is often called the ex post real interest rate(as opposed to the ex ante，or expected real interest rate)．Figure 15-1 shows that between 1976 and 1980，the ex post real interest rate in Switzerland was usually positive while that in the United States was usually negative．Assume that people were able to forecast inflation accurately in both countries during these years．What would you guess about the dollar's strength against the Swiss franc in the foreign exchange market between 1976 and 1980？ What do you think happened to the dollar/Swiss franc exchange rate in 1981-1982？ Check your answer by looking up the history of the exchange rate．(See，for example．the International Monetary Fund's publication，International Financial Statistics．)