来自《耶鲁大学开放课程：金融理论 第7集 第7集》

• 
  
  beginning of each day.
  都会知道pi_t的价格
• 
  
  Now, Fisher said, well don't get too lost
  费雪说 不要在pi_t
• 
  
  thinking about pi_t.
  上考虑太多
• 
  
  Think about p_t.
  想想p_t
• 
  
  Take out inflation.
  不考虑通货膨胀
• 
  
  You have to make an expectation about what inflation is,
  你没有预测通货膨胀的必要
• 
  
  but assuming you're right you can figure out from these
  你需要做的是通过pi_t的值
• 
  
  pi_t's what p_t is,
  解出p_t的值
• 
  
  the present value price: how much would you pay today in
  现值是 你今天愿意花多少钱
• 
  
  goods to get an apple at time t?
  去买一个t时段的苹果
• 
  
  Not a dollar at time t, but an apple at time t,
  不是t时段的一美元了 而是苹果
• 
  
  so it involves knowing what inflation is and what the price
  所以你学要知道通货膨胀率