来自《耶鲁大学开放课程：金融理论 第8集 第8集》

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  So let's stick with the 5 percent which is what the white
  我们继续用白皮书上所声称的5%来计算
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  paper, take all the assumptions of the
  取白皮书上所有的假设
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  white paper and take it literally,
  并将其确切的应用进来
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  and then notice that they never said anything about inflation.
  你会注意到他们从来没有考虑过通胀
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  So actually, this calculation of present
  所以事实上对现值损失的计算
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  value loss--there's inflation, and say the inflation at that
  是要考虑通胀的
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  time is around 4 percent.
  假设当时的通胀是4%
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  In fact all the Yale contracts that are still in place assume a
  事实上所有的耶鲁的合同都保持
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  4 percent inflation even though inflation's less than that now.
  4%的通胀率 甚至即时通胀率没那么高
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  But anyway, so that 100 million a year of dollars is actually
  所以每年一亿美金事实上比现值少
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  less in present value terms because what should you discount by?
  因为我们需要减量多少呢
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  If you look at the present value of 100 million dollars
  如果你观察这十年间一亿美金的现值