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I thought I would describe forward rates in terms of the coffee hour at The London School of Economics in the '20s.
我也许应该用20年代伦敦政经,咖啡时间的情形来描述远期利率
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I asked my graduate student research assistant to research the whole literature and find out where did the word forward rate come from.
我让我的助研去查找,所有相关文献,试图找到,谁最先提出了远期利率的概念
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The difference between those two somehow reflects what interest rates will be between one and two.
两者之间的差异在一定程度上反映了,第一年后开始的一年期远期利率
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One of them is the forward rate and the other one is inflation indexed interest rates.
一个是远期利率,另一个是通胀指数化利率
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So, you can see the term structure doesn't go up between overnight and three months.
从隔夜拆借利率到三月远期利率这段区间内,利率期限结构没有上扬
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It says that the forward rate, which you can compute from today's newspaper or from today's website--you can compute the forward rates for all future dates.
这些告诉我们,人们可以从今天的报纸,或网上的信息中计算出,未来任意时刻的远期利率
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I wrote him a letter and I said, basically, did you invent forward rates?
我给他写了一封信,问他是否提出了"远期利率"
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The upward-sloping term structure means that the forward rates are at higher levels.
尾部上扬的期限结构表明,远期利率处于高位
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What he says is those forward rates are what people think interest rates will be in the future and that's called the expectations theory of the term structure.
这里所指的远期利率就是人们预期的,未来利率,我们将这种理论称作,利率期限结构的预期理论
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He said that we shouldn't think that the-- the simplest story of the term structure of interest rates, which he expounded there, is that forward rates equal expected future interest rates.
他提出,我们不应该认为,他在书中写道,对于利率期限结构,最简略的概括,是远期利率等于未来利率的期望值
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Forward rates I wrote a survey article years ago about the term structure of interest rates and I wanted to find out who was the originator of the term "forward rate."
远期利率,很多年前我写过一篇,研究利率期限结构的文章,我想知道谁是"远期利率"这个词的创始人
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He calls the forward rate equal to 2/.
希克斯认为远期利率为^2/
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Forward rates equal expected future spot rates.
即远期利率等于未来即期利率的期望值
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What Hicks said is that in these term structures, actually, I've just showed the one-period, he had one-period forward rate-- but you could do it over any combination and you can get forward rates of any maturity at any future date.
希克斯指出利率期限结构中,我刚才给你们演示了,希克斯是如何推导一年期远期利率的,但是你们通过其他组合重新推导,还算出未来任意时刻,期限的远期利率
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The idea of a forward rate is that, implicit in that term structure is also a quote for the one-year rate, one year hence, because if you look at the two-year rate, can't you infer back what interest rates are going to be in one year?
远期利率隐含在期限结构中的,一年期利率报价,起息日是第二年初,因为如果你知道了两年即期利率,就可以很自然地推出一年即期利率
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but I think it's motivational, and so I said, are you sure that J.R. Hicks invented the term "forward rate"?
但我觉得这很有趣,我问他,你能肯定,J·R·希克斯是"远期利率"的提出者吗
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