接下来我要讲利率期限结构,下一张图是
Now, I want to talk about the term structure of interest rates and that's my next plot here.
你们看过利率期限结构图了。
利率期限结构的斜率还可以预测短期利率的变化。
It is also found that short rate change can be predicted with the slope of interest rates.
利率期限结构反映的是利率和到期期限之间的关系。
The term structure reflects the relationship between interest rate and maturity.
这句话这样翻译对不“实际利率期限结构通常是上升的。”
The term structure of real interest rates is normally ascending.
利率期限结构理论就是，怎样由不同的期限，产生不同的利率？
The theory of the term structure is the theory of how interest rates differ according to maturity or term.
本文采用主成分分析的方法对我国的利率期限结构进行了研究。
This paper analyzes principal components constructing the term structure of interest rates in China.
利率期限结构的理论和模型是金融研究中最具挑战性的课题之一。
The interest rate term structure theory and model is one of the most challenging topics in the financial research.
利率期限结构研究不同期限国债即期利率与到期期限之间的关系。
The problem of the term structure of interest rates is about the relation between instantaneous rates and maturities.
这意味着,在最简单的利率期限结构理论,即利率期限结构的预期理论中
That means, in the simplest-- it's called the expectations theory of the term structure.
所以对利率期限结构的研究一直是金融学领域一个基础性的研究课题。
Therefore, the research on term structure is always a basic research in finance field.
建立描述中国金融市场国债回购利率行为的随机波动利率期限结构模型。
It builds up a stochastic volatility interest rate term structure model to describe the behavior of financial market repo rate of national debt in China.
利率期限结构描述了不同期限零息债券的收益率及其与到期期限之间关系。
The term structure of interest rates describes the relationships between the yields of zero coupon bonds and their terms to maturity.
然后分别用持有成本模型和利率期限结构模型推导出了利率期货的定价公式。
Then, the pricing formula of interest rate futures will be deduced by analyzing both cost of carry models and interest rate term structure models.
样条法在利率期限结构的拟合精度、曲线光滑性及平稳性方面的综合效果最好。
The result also reveals that B-spline model performs better than other models integralively in precision of fitting prices, curve smoothness and stability.
利率期限结构分析是资产定价、金融产品设计、保值和风险管理、套利等的基础。
Analysis of the term structure of interest rate is the basis of asset pricing, financial product design, hedging and risk management, arbitraging and so on.
所谓利率期限下，就是指对不同时点的整个国债市场利率期限结构的分析和估计。
So-called the interest rate term structure in the paper, is the different term structural analysis and estimation in government debt bond market.
国债利率期限结构，即指国债收益率与到期期限的关系，也称为国债收益率曲线。
Treasury notes term structure of interest rate, that is the yield of Treasury notes with expire the relation of the term, also be called the yield curve of Treasury notes.
在CKLS模型的基础上，我们提出了一个加入跳跃过程的单因子利率期限结构模型。
Based on CKLS, we develop a new one-factor term structure of interest rates, which allows for jumps in interest rates.
作为资金价格的利率水平因期限不同而异，这种关系就是我们所要研究的利率期限结构。
The value of interest rate, which is the price of funds, is different with the fund's maturity, and the term structure of interest rate is the combination of those different values.
本文简要地阐述了利率期限结构理论，并对国内外的有关利率期限结构的模型进行了评述。
This paper simply surveyed the theory of term structure of interest rates and commented native and foreign models of term structure of interest rates.
此外，结果表明不同到期日利率期限结构可由缩压的马尔科夫区制转移CKLS模型获得。
Additionally, the results show that the term structure of interest rates of different maturities can be obtained with the nested Markov regime switching CKLS model.
无论对于经济和金融理论，还是对于固定收益产品的定价，利率期限结构都是一个核心概念。
Interest rate term structure is a core concept, not only in the economics and finance theories, but also in the pricing of fixed-income products.
选取上海证券交易所国债，基于样条函数模型推导出无违约利率期限结构，进行有效性检验；
First, the fault-free term structure of interest rates (TSIR) is induced by the spline function model for the samples of treasury bonds from Shanghai Stock Exchange(SSE), and its validity is verified.
首先，本文讨论了传统的利率期限结构理论和国内外利率期限结构理论的最新研究进展情况。
Firstly, the author analyzes the traditional term structure models of interest rate and reviews the latest development in this field.
以市场现行利率期限结构为基准，用蒙特卡罗方法生成利率路径，为房产抵押贷款证券定价。
Taking the prevailing interest rate term structure as benchmark, an approach was discussed for MBS pricing, based on the interest rate paths generated in the method of Monte Carlo.
本文对利率期限结构做了主成分分析，并根据结果构建了利率的水平、斜率和曲度三个因子。
We use principal component analysis on term structure we got. Base on this result, we build three factors: level, slope and curvature.
本文对利率期限结构做了主成分分析，并根据结果构建了利率的水平、斜率和曲度三个因子。
We use principal component analysis on term structure we got. Base on this result, we build three factors: level, slope and curvature.
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