This means that unless investors are repeatedly surprised, inflation will lead to higher nominal interest rates as debt is refinanced, and in turn to an unchanged real debt.

这意味着，除非不断有惊喜出现在投资者面前，否则，随着国债的再融资，通货膨胀将会导致更高的票面利率，转而成为实际债务。

youdao

One way to visualize the damage from ZIRP is to recognize that the spread between real and nominal interest rates is analogous to the spread between rates on default-free and risky debt.

FORBES: Magazine Article

By suppressing nominal interest rates and pushing real rates into negative territory, the Fed has engaged in financial repression.

FORBES: Ben Bernanke's QE4: Another Step Toward Helicopter Money, And Away From Freedom

Because all member states share the same nominal interest rate, slow-growing economies with lower inflation, such as Germany and Italy, have higher real interest rates than fast growers, such as Spain and Greece.

ECONOMIST: World economy