, , , . (nominal prices), .. , , (real prices), .
, , . (nominal interest rate) , . (real rate of return) , -
5 Jeremy Siegel, Stocks for the Long Run, 2- (New York: McGraw Hill, 1988), cmp 19.
88 I.
. , 8% , 8%, .
. , . , (CPI consumer price index) .
, 8% , , , 5% ? , , .. 3% . , , .
, . 100 . 108 . , 100 ., 105 .. 108 . , ? , 108 . : 108 . / 105 . = 1,02857 . , , , , 1,02857 . , ( , ) 2,857% .
, , , :
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,, 1 + 1 + = -
1 + :
= - 1 +
, , 2,857% :
= |
0,08-0.05 1,05 |
-0,02857=2,857%
, , , . , , 8%.
, .
5% , - 2,857% . 5%, 2,857%.
2. |
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. , , - .
, . (index-linked bonds) 1981 , 1997 . TIPS (Treasury Inflation Protected Securities , ). . 1998 (. 2.3).
I Bond
1998 , Series I Saving Bond, / Bond. Web- www. savingsbonds. gov :
"7 Bond , , . / Bond , . , . / Bond .. 50- 50 ., 30 .
I Bonds? , . , , .
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, . , / Bond , , , . / Bond , -| , j I Bond? !, 1; I I i
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/ Bonds . 30 , , , . ;
/ Bond , . ,
/ Bonds . | . |
, , (TIPS), 1 . , 3%. , . 2%, 5%; 10% 13%.
, , . , , . , , , . , .
, TIPS 3,5%, 4% . - ? I a