reálhozam

Reálhozam, also known as real yield, refers to the actual return on an investment after accounting for inflation. It provides a measure of the purchasing power gained or lost over a specific period and is used by investors and economists to assess the true profitability of investments in real terms.

In financial contexts, the concept of reálhozam is often derived from nominal returns, which do not consider inflation, adjusted by the inflation rate itself. The formula typically used is: reálhozam ≈ (1 + nominal return) / (1 + inflation rate) - 1. This calculation helps investors understand the real growth of their assets, independent of changing price levels.

Reálhozam is particularly important when evaluating fixed-income securities such as bonds, where nominal interest rates may not reflect the real value gained by the investor. A high nominal return may be less attractive if inflation rates are also high, eroding the actual value of interest payments. Conversely, positive reálhozam indicates that the investment's return outpaces inflation, preserving or increasing the investor’s purchasing power.

Economists and central banks monitor reálhozam to gauge the health of the economy and inflation expectations. Persistent negative reálhozam can signal low or declining real returns, which may influence monetary policy decisions.

Overall, reálhozam provides a clearer picture of investment performance by factoring in inflation, offering a more accurate measure of economic gain or loss. It underscores the importance of considering inflation when making long-term financial and economic assessments.