湛蓝玫瑰　BLUE Ro
性密探　　SCOUT
Totally　偷爱者
灵魂禽兽　　XINGJIAO
我与偏激　　s106
李若初　　SHENAITA
亡夢之躯　　SLEEPLESS
亡界　　dIstrIct
舆瘾　　MAKE LOVE
SHIJIE　　病态时光
黑刘海　　碎花裙
痞子像　　ROGUE
涉白 Circumsta
ALWAYS　　叁丁目っ
万凰之王　MALE
whoremaker　瘾
颜希Tessie
一米桃花　　First Unit
小南门　　CHINIUMEI
恋她者亡　　　SPOiL
鬼首城　　LOVE
抱我　　GANMA
NISHI　　　老实人
愈贪心　LEOPARD
北伦Pierre
爆破女神　　BIABANG
摇杆女兽　　SEXY
魂萦索绕　　2amor
GOAL　　夏日祭
黑色预兆　　Can not
萌蛋　　GORELOVO
HEY1　　贵人诱惑
姬薄　　　EMPress
一脸苦相 　GRIMACES
廉价少女　VULAGAR
99日恋　TO LOVE
黑兰　Saronic
圆慌者　MY REFLE
NiDE　　存亡期
文胸与墨镜　　HUDAI
桃色陷阱　　mess
CUILEI　　鲁冰花
无人基　　HUGHES
岛与鸟　　ALONG
闫小亚　Girl Student
桃色　　temptat1on
WH2SPER　　美凪
撸逼　　Reco11ect
怪癖 　　　LOVEANDLO
ZHANGRONG　　0626
美人妻　　1508
紫木耳　PREMEDITATE
解夢人　MYSTER1o
情悸　　　hEart
死囚漫步　soul
万种冷　　　cool
你可把屁挤咧　FUCK
韵纪　NADESICO
红眼黑心 　Evil
FUCK ME PLEASE
暮光薄凉　　KNMM
EMOTION　小情夫
花事　　1MPROPER
温哥　　2FRESH
兰巴　　-1992
悲惨世界　　Alexandre
麋鹿男　　VIITA
亲昵少年　　TIME
玩命 　　u8　Rodman
仆姬 　　　Charm
CHENGCHENG　李梦迪
HEBRA1CO　　诗纪
腻心少女　　TIRED
B&J　　单身日记
十八楼　　liTingyu
微距& 　Always
WOSHI　　　豹妇
泡沫经济　　SLEEPLESS
October　　花音
風暴　　　　B1GING
进口菊　　HUOEX
迷路　　Stray Dog
PINKK　桃花咒
WOSHI　　精神疯子
WODE　　恋后感
败犬　　　　7ueen
Gilmour　　　 桎梏
HUTOON　　仆街猫
Ferv0ur　　女优
软刺　　Parallel
巷口　　　　AFFAIR
NISHI　　我的女神
夏纪　　LAVENDE
FENSE　　唇语失梦
Jazz　　　　暖心季
湿区　　　WERE
DA PUMP　　稣恩惠
散婊　　NIGHTMARE
鼻骚　　BABYGER
FEISITE　　盲人摸象
MENGLU　　仙女
FeLdbErg　黑森林
TAHOMA　　插画师
中央车站　MUMAIDEH
慌与你　　Evildoer
空想家　　　　VAIN
花街　　AMBiguous
HOTARUAV　　富二代
富裕市民　　BLISS
我寻我的　　Soul
WOXINZHONGDE　　默汉
焦虑电脑　　GLBSON
YUTA　　档次消遣
胸口的热吻　　CORset
温柔唇　NASHLNDEBA
萨瓦迪卡　　YANYX
万寻　　 Wenxun
爆破女神　　SIBIAO
男故礼　　MENSAO
幻想　　Disease
惑人心　A-Dream
青年旅舍　paSS1oN
邃梦　　3/3Dream
外婊　　PREMEDITATE
慌良者　DESOLATION
别是非　　GMBH
漫长婚约　T1mess
时指　　Dreamcast
爱慕少年　GIVENCH
九号公馆　　BAO美丽
苏媚　　KIM KISCKI
GBH& 　　愛罗拉
HEY1CHEN　知音
扮憔悴　　QUEAI
Escape　　残性人
MAYING　　媚比
视觉盲点　　　DIM/2
黑白祭　EVERLAST
李献计　　2ilence
啤酒与花　　PACIFIC
Aomiz　　万人空巷
CRUSH　　迷恋你
Sigismnd　街里人
灭害灵　　PENSINI
基寳Laurent
嘈利马 　n1c2
未命名　ka2enm
嗨吧姑娘　　FENGBI
叙述者　NARRATOR
SEXUAL　　二情郎
午夜尖叫　　REDHOUSE
庸比　　FASCINATION
Monlogue　如花
徐美道　　SUMNIDA
遇　　RELATIONS
林湿妖　　W.FULLER
Copyright (C)
www.mohe.ccIdentify the main themes. In your notes, summarize the experience, reading, or lesson in one to three sentences.
These sentences should be both descriptive yet straight to the point.
Jot down material that stands out in your mind. Determine why that material stands out and make another note of what you figure out.
For lectures or readings, you can jot down specific quotations or summarize passages.
For experiences, make a note of specific portions of your experience. You could even write a small summary or story of an event that happened during the experience that stands out. Images, sounds, or other sensory portions of your experience work, as well.
Chart things out. You may find it helpful to create a chart or table to keep track of your ideas.
In the first column, list the main points or key experiences. These points can include anything that the author or speaker treated with importance as well as any specific details you found to be important. Divide each point into its own separate row.
In the second column, list your personal response to the points you brought up in the first column. Mention how your subjective values, experiences, and beliefs influence your response.
In the third and final column, describe how much of your personal response to share in your reflection paper.
Ask yourself questions to guide your response. If you are struggling to gauge your own feelings or pinpoint your own response, try asking yourself questions about the experience or reading and how it relates to you. Sample questions might include:
Does the reading, lecture, or experience challenge you socially, culturally, emotionally, or theologically? If so, where and how? Why does it bother you or catch your attention?
Has the reading, lecture, or experience changed your way of thinking? Did it conflict with beliefs you held previously, and what evidence did it provide you with in order to change your thought process on the topic?
Does the reading, lecture, or experience leave you with any questions? Were these questions ones you had previously or ones you developed only after finishing?
Did the author, speaker, or those involved in the experience fail to address any important issues? Could a certain fact or idea have dramatically changed the impact or conclusion of the reading, lecture, or experience?
How do the issues or ideas brought up in this reading, lecture, or experience mesh with past experiences or readings? Do the ideas contradict or support each other?
Keep it short and sweet. A typical reflection paper is between 300 and 700 words long.
Verify whether or not your instructor specified a word count for the paper instead of merely following this average.
If your instructor demands a word count outside of this range, meet your instructor's requirements.
Introduce your expectations. The introduction of your paper is where you should identify any expectations you had for the reading, lesson, or experience at the start.
For a reading or lecture, indicate what you expected based on the title, abstract, or introduction.
For an experience, indicate what you expected based on prior knowledge provided by similar experiences or information from others.
Develop a thesis statement. At the end of your introduction, you should include a single sentence that quickly explains your transition from your expectations to your final conclusion.
This is essentially a brief explanation of whether or not your expectations were met.
A thesis provides focus and cohesion for your reflection paper.
You could structure a reflection thesis along the following lines: “From this reading/experience, I learned...”
Explain your conclusions in the body. Your body paragraphs should explain the conclusions or understandings you reached by the end of the reading, lesson, or experience.
Your conclusions must be explained. You should provide details on how you arrived at those conclusions using logic and concrete details.
The focus of the paper is not a summary of the text, but you still need to draw concrete, specific details from the text or experience in order to provide context for your conclusions.
Write a separate paragraph for each conclusion or idea you developed.
Each paragraph should have its own topic sentence. This topic sentence should clearly identify your major points, conclusions, or understandings.
Conclude with a summary. Your conclusion should succinctly describe the overall lesson, feeling, or understanding you got as a result of the reading or experience.
The conclusions or understandings explained in your body paragraphs should support your overall conclusion. One or two may conflict, but the majority should support your final conclusion.
Reveal information wisely. A reflection paper is somewhat personal in that it includes your subjective feelings and opinions. Instead of revealing everything about yourself, carefully ask yourself if something is appropriate before including it in your paper.
If you feel uncomfortable about a personal issue that affects the conclusions you reached, it is wisest not to include personal details about it.
If a certain issue is unavoidable but you feel uncomfortable revealing your personal experiences or feelings regarding it, write about the issue in more general terms. Identify the issue itself and indicate concerns you have professionally or academically.
Maintain a professional or academic tone. A reflection paper is personal and objective, but you should still keep your thoughts organized and sensible.
Avoid dragging someone else down in your writing. If a particular person made the experience you are reflecting on difficult, unpleasant, or uncomfortable, you must still maintain a level of detachment as you describe that person's influence. Instead of stating something like, “Bob was such a rude jerk,” say something more along the lines of, “One man was abrupt and spoke harshly, making me feel as though I was not welcome there.” Describe the actions, not the person, and frame those actions within the context of how they influenced your conclusions.
A reflection paper is one of the few pieces of academic writing in which you can get away with using the first person pronoun “I.” That said, you should still relate your subjective feelings and opinions using specific evidence to explain them.
Avoid slang and always use correct spelling and grammar. Internet abbreviations like “LOL” or “OMG” are fine to use personally among friends and family, but this is still an academic paper, so you need to treat it with the grammatical respect it deserves. Do not treat it as a personal journal entry.
Check and double-check your spelling and grammar after you finish your paper.
Review your reflection paper at the sentence level. A clear, well-written paper must have clear, well-written sentences.
Keep your sentences focused. Avoid squeezing multiple ideas into one sentence.
Avoid sentence fragments. Make sure that each sentence has a subject and a verb.
Vary your sentence length. Include both simple sentences with a single subject and verb and complex sentences with multiple clauses. Doing so makes your paper sound more conversational and natural, and prevents the writing from becoming too wooden.
Use transitions. Transitional phrases shift the argument and introduce specific details. They also allow you to illustrate how one experience or detail directly links to a conclusion or understanding.
Common transitional phrases include "for example," "for instance," "as a result," "an opposite view is," and "a different perspective is."
Relate relevant classroom information to the experience or reading. You can incorporate information you learned in the classroom with information addressed by the reading, lecture, or experience.
For instance, if reflecting on a piece of literary criticism, you could mention how your beliefs and ideas about the literary theory addressed in the article relate to what your instructor taught you about it or how it applies to prose and poetry read in class.
As another example, if reflecting on a new social experience for a sociology class, you could relate that experience to specific ideas or social patterns discussed in class.
Can you tell us abouttying yourself up with rope for a magic trick?
Can you help usrate articles?
tying yourself up with rope for a magic trick
how to tie yourself up with rope for a magic trick
Can you tell us aboutAdobe Photoshop?
Adobe Photoshop
how to transform an image in Photoshop
Can you tell us aboutNest thermostats?
Nest thermostats
how to install a Nest learning thermostat
Can you tell us abouttreating jock itch?
treating jock itch
how to treat jock itch
Tell us everything you know here. Remember, more detail is better.
Please be as detailed as possible in your explanation. Don't worry about formatting! We'll take care of it.
For example:Don't say: Eat more fats.Do say: Add fats with some nutritional value to the foods you already eat. Try olive oil, butter, avocado, and mayonnaise.
Thanks to all authors for creating a page that has been read 660,897 times.
Reviewed by: Michelle GoldenPh.D. candidate in English
Exceptionally helpful
660,897&views
14 Co-authors
88% of people told us that this article helped them.
of Write a Reflection Paper was reviewed by Michelle Golden on February 9, 2015. Michelle is a Ph.D. candidate in English at Georgia State University.
Becomean Author!From Wikipedia, the free encyclopedia
The real interest rate is the rate of interest an investor expects to receive after allowing for inflation. It can be described more formally by the , which states that the real interest rate is approximately the
minus the . If, for example, an investor were able to lock in a 5% interest rate for the coming year and anticipated a 2% rise in prices, they would expect to earn a real interest rate of 3%. This is not a single number, as different investors have different expectations of future inflation. Since the inflation rate over the course of a loan is not known initially,
in inflation represents a risk to both the lender and the borrower.
In economics and finance, an individual who lends money for repayment at a later point in time expects to be compensated for the , or not having the use of that money while it is lent. In addition, they will want to be compensated for the
of having less
when the loan is repaid. These risks are systematic risks, regulatory risks and inflation risks. The first includes the possibility that the borrower will
or be unable to pay on the originally agreed upon terms, or that collateral backing the loan will prove to be less valuable than estimated. The second includes
and changes in the law which would prevent the lender from collecting on a loan or having to pay more in taxes on the amount repaid than originally estimated. The third takes into account that the money repaid may not have as much buying power from the perspective of the lender as the money originally lent, that is inflation, and may include fluctuations in the value of the currencies involved.
Nominal interest rates include all three risk factors, plus the time value of the money itself.
Real interest rates include only the systematic and regulatory risks and are meant to measure the time value of money.
Real rates = Nominal rates minus Inflation and Currency adjustment.
The "real interest rate" in an economy is often the rate of return on a risk free investment, such as US Treasury notes, minus an index of inflation, such as the , or .
The relation between real and nominal interest rates and the expected inflation rate is given by the
= expected inflation rate.
For example, if somebody lends $1000 for a year at 10%, and receives $1100 back at the end of the year, this represents a 10% increase in her purchasing power if prices for the average goods and services that she buys are unchanged from what they were at the beginning of the year. However, if the prices of the food, clothing, housing, and other things that she wishes to purchase have increased 25% over this period, she has in fact suffered a real loss of about 12% in her purchasing power.
will not be known in advance. People often base their expectation of future inflation on an average of inflation rates in the past, but this gives rise to errors. The real interest rate ex post may turn out to be quite different from the real interest rate that was expected in advance. Borrowers hope to repay in cheaper money in the future, while lenders hope to collect on more expensive money. When inflation and currency risks are underestimated by lenders, then they will suffer a net reduction in buying power.
The complexity increases for
issued for a long term, where the average inflation rate over the term of the loan may be subject to a great deal of uncertainty. In response to this, many governments have issued real return bonds, also known as , in which the principal value and
rises each year with the rate of inflation, with the result that the interest rate on the bond approximates a real interest rate. (E.g., the three-month indexation lag of TIPS can result in a divergence of as much as 0.042% from the real interest rate, according to research by Grishchenko and Huang.) In the US,
are issued by the .
The expected real interest rate can vary considerably from year to year. The real interest rate on short term loans is strongly influenced by the monetary policy of central banks. The real interest rate on longer term bonds tends to be more market driven, and in recent decades, with globalized financial markets, the real interest rates in the industrialized countries have become increasingly correlated. Real interest rates have been low by historical standards since 2000, due to a combination of factors, including relatively weak demand for loans by corporations, plus strong savings in newly industrializing countries in Asia. The latter has offset the large borrowing demands by the US Federal Government, which might otherwise have put more upward pressure on real interest rates.
Related is the concept of "risk return", which is the rate of return minus the risks as measured against the safest (least-risky) investment available. Thus if a loan is made at 15% with an inflation rate of 5% and 10% in risks associated with default or problems repaying, then the "risk adjusted" rate of return on the investment is 0%.
Economics relies on measurable variables, chiefly price and objectively measurable production. Since production is "real", while prices are relative to the general price level, in order to compare an economy at two points in time, nominal price variables must be converted into "real" variables. For example, the number of people on payrolls represents a "real" variable, as does the number of hours worked. But in order to measure productivity, the nominal prices of the goods and services that labor produces must be converted to the "real" purchasing power. To do this requires adjusting prices for inflation.
The same is true of investment. Investment produces real gains in efficiency, and purchases productive capacity - factories, machines and so on - which is also real. To find the return on this capital, it is necessary to subtract the increases in its nominal value that are the result of increases in the general level of prices. To do this means subtracting the inflation rate from the nominal rate of return. For example, a portfolio of stocks that returns 10%, when inflation is running at 4% has a 6% real rate of return.
The real interest rate is used in various economic theories to explain such phenomena as the ,
and . When the real rate of interest is high, that is, demand for credit is high, then money will, all other things being equal, move from consumption to savings. Conversely, when the real rate of interest is low, demand will move from savings to investment and consumption. Different economic theories, beginning with the work of
have had different explanations of the effect of rising and falling real interest rates. Thus, international capital moves to markets that offer higher real rates of interest from markets that offer low or negative real rates of interest triggering speculation in equities, estates and exchange rates. Related to this concept is the idea of a "natural rate of interest", that is, the expected return on savings and capital invested.
The real interest rate solved from the
If there is a negative real interest rate, it means that the inflation rate is greater than the nominal interest rate. If the
is 2% and the inflation rate is 10%, then the borrower would gain 7.27% of every dollar borrowed per year.
Negative real interest rates are an important factor in government . Since 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt, meaning the inflation rate is greater than the interest rate paid on the debt. Such low rates, outpaced by the , occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, , or bond, money market, and balanced
are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk.
stated that at such low rates, government debt borrowing saves taxpayer money, and improves creditworthiness. In the late 1940s through the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay so low. Between 1946 and 1974, the US debt-to-GDP ratio fell from 121% to 32% even though there were surpluses in only eight of those years which were much smaller than the deficits.
Bearing in mind that a real interest rate is simply the proportion of return or proportion of loss of a changed revenue stream after inflation has been factored in, we could use a simple change formula to calculate the real rate of change in income based on the new living costs.
Using the example above, for negative real rates of interest, where the standard bank loan rate is at 2% and the rate of inflation is 10%, we can use the following formula.
r = Real Interest Rate
i = Nominal Interest Rate effect on initial investment
π = Inflationary effect on initial investment
So let’s assume a consumer borrows ?200,000 from this bank.
Calculating the nominal change on initial value or i is simply ?200,000 × 1.02 = ?204,000.
The inflationary effect on the initial value or π is calculated as ?200,000 × 1.1 = ?220,000. We calculate this value because we want to find the amount of money which is required to buy the same volume of goods and services in the following time period as ?200,000 did in the preceding period. So:
i - π = ?204,000 - ?220,000 = - ?16,000.
This difference is the top line of the equation and shows that the "real" debt is negative since the price of the debt rose at a lower rate than the money supply rate. So in effect, the creditor is losing ?16,000 at prices in the latest time period. This is because the ?204,000 return doesn’t reflect the same purchasing power in the current time period as ?200,000 did in the preceding one. Assuming the borrowers annual income is ?200,000, if this rose in line with inflation, she would gain ?16,000 in latest money terms. If this income grew at 2%, she would find her loan no less easy or harder to pay but would find other items which grew at a higher rate of inflation more expensive.
This change represents the inflationary adjusted change in value and so by dividing it by this by the inflationary effect on the initial value and then multiplying by 100, we can get the percentage change on value based on the inflated value. Therefore:
r = - ?16,000/?220,000 × 100 = - 0.07272 × 100 = - 7.27%
This means that assuming a person’s valued income or wealth rose by the same level of inflation, the loan is around 7.27% lower in real value and would therefore represent a transfer of wealth from the bank to the repaying individual. Obviously, this would lead to commodity
and , as the borrower can profit from a negative real interest rate.
Grishchenko, Olesya V.; Jing-zhi Huang (June 2012).
(PDF). Finance and Economics Discussion Series. Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C 2013.
Saint Louis Federal Reserve (2012)
FRED Economic Data chart from government debt auctions (the x-axis at y=0 represents the inflation rate over the life of the security)
Carmen M. Reinhart and M. Belen Sbrancia (March 2011)
National Bureau of Economic Research working paper No. 16893
David Wessel (August 8, 2012)
Wall Street Journal ()
Lawrence Summers (June 3, 2012)
Matthew Yglesias (May 30, 2012)
William H. Gross (May 2, 2011)
PIMCO Investment Outlook
The Atlantic, February 1, 2013