Banks refuse to lend and consumers and firms refuse to spend because, with a negative inflation rate and a 0% nominal interest rate, holding cash yields a positive real interest rate.

在通货膨胀率为负且名义利率为0时，因为持有货币会导致正的实际利率收入，银行则会拒绝放贷，消费者和企业会排斥支出。

Under such a background, the nominal interest rate had an effect on savings, and on the contrary, the inflation rate had a substantial effect on savings.

在此背景下，储蓄更多地受名义利率的影响，实质是更多地受通货膨胀率的影响。

Thus, the effect of monetary policy on activity depends crucially on whether and how changes in the short-term nominal interest rate lead to changes in the current and expected real interest rates.

因此，经济活动中货币政策的实现主要依赖于短期名义利率是否变化和如何变化，从而导致当前和预期实际利率的变化。

During the inflation, the collecting of the interest income tax causes the nominal interest rate to rise.

在维持实际利率不变的通货膨胀中，征收利息所得税会造成名义利率升高。

Because the given period isn't campatibile, the real interest rate of bank deposits or loans isn't in accord with the nominal interest rate announced by bank.

由于实际计算利息的次数与名义利率对应的计息次数不一致，银行存（贷）款的实际利率与银行公布的名义利率存在差异。