来自《耶鲁大学开放课程：金融理论 第13集 第13集》

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  And then the rest of the model's exactly the same.
  剩下的模型就完全一样
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  And so, of course, it's going to give you a different price.
  当然这会带给你一个不同的价格
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  p_A is different. So p_A is smaller.
  A的价格会变小
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  That means today's price of next year's good is smaller.
  这个说明了明年商品的现值变小了
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  There must be more discounting. So I did the interest rate, 1 over 1+r = p,
  其中折现率提高 1/(1+r)=p
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  so the inverse of p is this thing.
  1/p=1+r r就是利率
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  So the forward rate is 161 percent, and if you think of
  远期利率为161% 考虑未来30年
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  that as 30 years, that's an annualized 3.2 percent interest rate.
  这个年利率为3.2%
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  Before, it was only a 2 percent interest rate annualized, right?
  这之前的年利率只有2%
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  Remember we got the 1 plus r to be 181 percent, 1.81, so r is 81 percent.
  已经知道1+r=1.81 可得r=81%
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  So this Social Security doubled the interest rate from 81 percent to 161 percent.
  社保使得利率翻了一倍从81%升到161%
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  Huge increase in the interest rate, so Social Security has raised the interest rate.
  社保体系导致了利率大幅上升