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Theirs is the first such data set to gather all of that information for so many countries over so long a period.
他們的成果是收集這么多國家在這么長的時間內(nèi)的所有這種信息的第一批這樣的數(shù)據(jù)集。
As such, the authors establish some new basic economic facts.
由此，作者構(gòu)建出一些全新的基本經(jīng)濟事實。
They conclude, for instance, that over the very long run it is housing, rather than equities, which provides the best return : both asset types have yielded about 7% a year on average over the 145 years, but equity returns are much more volatile.
例如，他們斷言，從長期來看，是住房，而不是股票，提供最佳回報：這兩類資產(chǎn)在過去145年間都帶來了年均7%左右的收益。但是，股票的回報具有大得多的波動性。
It is important to note that, though homeowners might cheer this news, it is not necessarily a reason to leap into the housing market.
需要指出的重要一點是：盡管房主可能為這個消息而歡呼，但是，這并不必然是跳進房產(chǎn)市場的一個理由。
Rental yields account for about half of the long-run return on housing, and owning a diversified portfolio of rent-yielding property is not the same bet as borrowing to house the family.
租金收益占房產(chǎn)長期回報的一半左右，而且擁有一個多樣化的租金收益財產(chǎn)組合并非就是借錢讓家人住上房子這樣的賭注。
Besides offering these baseline findings, the authors' work helps to answer several pressing economic questions.
除了提供這些基準(zhǔn)發(fā)現(xiàn)外，作者的研究還有助于回答多個緊迫的經(jīng)濟問題。
One example is the puzzle of declining interest rates.
一個例子是跌跌不休的利率之謎。
The falling rates of the past few decades distress some economists, who worry they betoken weak growth and complicate central bankers' ability to manage the economy.
過去幾十年間不斷下跌的利率讓一些經(jīng)濟學(xué)家困惑不已，他們擔(dān)心不斷下降的利率預(yù)示著疲軟的增長，并且讓央行銀行家管理經(jīng)濟的能力趨向復(fù)雜。
Yet the long-run data reveal that the high rates of return on government debt seen in the 1980s were an anomaly.
然而，長期數(shù)據(jù)揭示，見之于上世紀(jì)80年代的政府債券的高回報率是一種反常。
The real return on bonds and short-term bills is normally relatively low—and can even be negative for long periods of time—as some other economists (such as Carmen Reinhart of Harvard University and Belen Sbrancia of the IMF) have also found.
如一些其他經(jīng)濟學(xué)家（如哈佛大學(xué)的Carmen Reinhart 和 IMF 的Belen Sbrancia）也發(fā)現(xiàn)的那樣，債券和短期票據(jù)的實際回報一般相對較低——而且甚至可以長期為負。
Recent declines therefore represent a return to more typical conditions.
因此，近年的下跌代表的是一種向著更為典型的情況的回歸。
That, in turn, suggests that central bankers who hope to “normalise” interest rates may be in for a rude surprise.
這反過來表明，希望讓利率“正常化”的央行銀行家可能難免要遭遇。
譯文來源考研英語時事閱讀
