根据借款时间的长度，名义利率按照不同的到期口报价。例如，2004 年底，美国政府可以以略高于4%

的年利率获得10年期的倍款，而三个月期的佶款的年利率要略低于2%。[三个月期的贷款的2%的年利率意味若如果你借入1美元，那你将在二个月底偿还1.005美元。即1.005=1+(3/12)x0.02。]尽管不总是，但通常来说，长期利率要高于短期利率，正像来自于前面2004年的例子那样。就费雪效应而言，那种形式将如何解释预期的通货膨胀或预期的未来实际利率呢？

Nominal interest rates are quoted at a variety of maturities，corresponding to different lengths of loans. For example， in late 2004 the U.S. government could take out 10-year loans at an annual interest rate of slightly over 4 percent，whereas the annual rate it paid on loans of only three months' duration was slightly under 2 percent. (An annualized interest rate of 2 percent on a three-month loan means that if you borrow a dollar，you repay $ 1.005=$1+(3/12)X$0.02 at the end of three months.) Typically，though not always， long-term interest rates are above short-term rates，as in the preceding examples from 2004. In terms of the Fisher effect，what would that pattern say about expected inflation and/or the expected future real interest rate？