In this context, let me now turn to micro-level corporate finance data of a fairly large diversified  5  i = r +π; where “i” is nominal interest rate, “r” is real interest rate and “π” is the inflation rate. Fisher, Irving (1930), The Theory of Interest, (New York: Macmillan).
6  BIS central bankers’ speeches  sample.6 The analysis shows that interest cost as a ratio of sales went up from 2.6 per cent in the high growth phase of 2003–08 to over 3 per cent during the crisis period of 2008–10. However, during this period the average sales growth declined from about 21 per cent per annum to 15.7 per cent.