so the interest rate, so the interest rate has to go up.

那么利率就会提高
So that's your argument made formal.

因此你的争论得出了正式结论
So that's his Impatience Theory.

这就是不耐利率理论
That's the main determinant of interest according to Fisher.

这是Fisher关于利率的主要决定因素
What's the second one?

第二点
He says suppose people are more optimistic about e^_2?

他假设人们对于e^_2心存乐观
Everybody thinks the world's going to be much better next year.

大家都认为世界明天会更好
We're going to have more endowments.

我们将拥有更多的要素禀赋
What do you think is going to happen to the interest rate,

那你们认为理论将如何变化
the real interest rate, somebody else?

实际理论如何变化有同学知道么
Student: It'll decrease.

将会下降
It'll what?

将会怎样