{"id":1431,"date":"2024-05-12T18:47:03","date_gmt":"2024-05-12T18:47:03","guid":{"rendered":"https:\/\/eoninvestment.com\/?p=1431"},"modified":"2026-04-16T10:53:42","modified_gmt":"2026-04-16T06:53:42","slug":"fisher-effect","status":"publish","type":"post","link":"https:\/\/eoninvestment.com\/ka\/2024\/05\/12\/fisher-effect\/","title":{"rendered":"<span class=\"eon-recovered-georgian-title\" data-no-translation=\"\">\u10e4\u10d8\u10e8\u10d4\u10e0\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d8<\/span>"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>Fisher Effect<\/strong>: The higher the inflation expectations, the greater the pressure on the securities market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Fisher Formula<\/strong>:<br \/>i = (RIR + Expected-IP) + (RIR*Expected (IP)).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>( i ) &#8211; Nominal interest rate<\/li>\n\n\n\n<li>( RIR ) &#8211; Real interest rate<\/li>\n\n\n\n<li>{Expected-IP} &#8211; Expected inflation<\/li>\n\n\n\n<li>{Expected-IP}- Expected change in the inflation rate<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Intuitively: The level of nominal interest rates approximately equals the real rate plus inflation expectations (the second part of the formula is a very small number).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">P.S.<br \/>The graph shows the correlation between short-term treasury bill interest rates and actual inflation\u2026 It appears that investing in risk-free assets serves as a hedge against inflation\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u10ec\u10e7\u10d0\u10e0\u10dd:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Financial Markets and Institutions &#8211; by A. Saunders, M. Cornett &#038; O. Erhemjamts<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-54.png?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"705\" data-attachment-id=\"5873\" data-permalink=\"https:\/\/eoninvestment.com\/ka\/2024\/05\/12\/fisher-effect\/image-339\/\" data-orig-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-54.png?fit=800%2C705&amp;ssl=1\" data-orig-size=\"800,705\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"image\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-54.png?fit=800%2C705&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/image-54.png?resize=800%2C705&#038;ssl=1\" alt=\"\" class=\"wp-image-5873\"\/><\/a><\/figure>","protected":false},"excerpt":{"rendered":"<p>\u10e4\u10d8\u10e8\u10d4\u10e0\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d8: \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da\u10d8\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8, \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10d3\u10d8\u10d3\u10d8\u10d0 \u10ec\u10dc\u10d4\u10ee\u10d8 \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4\u10e4\u10d8\u10e8\u10d4\u10e0\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0:i = (RIR + Expected-IP) + (RIR*Expected (IP)).i &#8211; \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8RIR &#8211; \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8Expected-IP &#8211; \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 [\u2026]<\/p>","protected":false},"author":12998525,"featured_media":1432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_eon_insights_quality":"","_eon_insights_decision":"","_eon_insights_destination":"","_eon_insights_merge_group":"","_eon_insights_required_changes":"","_eon_insights_start_order":0,"_eon_featured_insight":0,"_eon_insights_map_version":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[774675918,37048],"tags":[4269,12876057,998075,6635,98196295,26092745,13843,8589],"eon_topic":[],"eon_learning_path":[],"eon_collection":[],"eon_level":[784445727],"eon_content_type":[],"eon_source":[784445712],"eon_idea":[784445689],"eon_framework":[],"class_list":["post-1431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-markets-and-institutions-by-a-saunders-m-cornett-o-erhemjamts","category-interest-rates","tag-finance","tag-fisher-effect","tag-interest-rate","tag-investing","tag-nominal-rates","tag-real-rates","tag-stock-market","tag-stocks","eon_level-intermediate","eon_source-financial-markets-and-institutions-by-a-saunders-m-cornett-o-erhemjamts","eon_idea-interest-rates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fisher Effect - Eon Investment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eoninvestment.com\/ka\/2024\/05\/12\/fisher-effect\/\" \/>\n<meta property=\"og:locale\" content=\"ka_GE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fisher Effect - Eon Investment\" \/>\n<meta property=\"og:description\" content=\"\u10e4\u10d8\u10e8\u10d4\u10e0\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d8: \u10e0\u10d0\u10ea \u10e3\u10e4\u10e0\u10dd \u10db\u10d0\u10e6\u10d0\u10da\u10d8\u10d0 \u10d8\u10dc\u10e4\u10da\u10d0\u10ea\u10d8\u10d8\u10e1 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8, \u10db\u10d8\u10d7 \u10e3\u10e4\u10e0\u10dd \u10d3\u10d8\u10d3\u10d8\u10d0 \u10ec\u10dc\u10d4\u10ee\u10d8 \u10e4\u10d0\u10e1\u10d8\u10d0\u10dc\u10d8 \u10e5\u10d0\u10e6\u10d0\u10da\u10d3\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4\u10e4\u10d8\u10e8\u10d4\u10e0\u10d8\u10e1 \u10e4\u10dd\u10e0\u10db\u10e3\u10da\u10d0:i = (RIR + Expected-IP) + (RIR*Expected (IP)).i - \u10dc\u10dd\u10db\u10d8\u10dc\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8RIR - \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10de\u10e0\u10dd\u10ea\u10d4\u10dc\u10e2\u10dd \u10d2\u10d0\u10dc\u10d0\u10d9\u10d5\u10d4\u10d7\u10d8Expected-IP - \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/eoninvestment.com\/ka\/2024\/05\/12\/fisher-effect\/\" \/>\n<meta property=\"og:site_name\" content=\"Eon Investment\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/eoninvestment\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-12T18:47:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-16T06:53:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/05\/1706424908075.jpeg?fit=800%2C705&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"705\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"neoinsight\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"neoinsight\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u10ec\u10e3\u10d7\u10d8\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/wp-json\\\/wp\\\/v2\\\/posts\\\/1431\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#website\"},\"author\":{\"name\":\"neoinsight\",\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#\\\/schema\\\/person\\\/9bb6a82e15a5231535d10233395afa89\"},\"headline\":\"\u10e4\u10d8\u10e8\u10d4\u10e0\u10d8\u10e1 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d8\",\"datePublished\":\"2024-05-12T18:47:03+00:00\",\"dateModified\":\"2026-04-16T06:53:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/05\\\/12\\\/fisher-effect\\\/\"},\"wordCount\":116,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/ka\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/eoninvestment.com\\\/2024\\\/05\\\/12\\\/fisher-effect\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/eoninvestment.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/1706424908075.jpeg?fit=800%2C705&ssl=1\",\"keywords\":[\"finance\",\"Fisher Effect\",\"Interest Rate\",\"investing\",\"Nominal Rates\",\"Real Rates\",\"stock-market\",\"stocks\"],\"articleSection\":[\"Financial Markets and Institutions - 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