Well, the discount rate is sort of the--you notice there are two different interest rates here and you might be confused by them.

贴现率是一种,这里有两种不同的利率,你们可能会将其混淆

耶鲁公开课 - 金融市场课程节选

There was an important change in the discount rate in January of 2003.

在2003年一月,贴现率有了一次很重要的改变。

耶鲁公开课 - 金融市场课程节选

Well, there's a formula that's been used by bond traders for hundreds of years and it's a traditional expression, which goes from the discount rate to the price.

这里有个债券交易商,用了上百年的公式,这是个传统表达式,它能用折扣率算得价格

耶鲁公开课 - 金融市场课程节选

The boy would go say, we're offering to pay a discount rate of 2.51-- that was the formula and then anyone could do these calculations; they knew what it meant.

小男孩跑去说,我们愿意以2.51%的折扣率买入,公式就是那样用的,每个人都能算出价格,他们知道是什么意思

耶鲁公开课 - 金融市场课程节选

So, the bid price is the--they don't do it in terms of price, they do it in terms of discount so the bid discount rate- there would be two numbers for each.

出价,往往不以报价的形式出现,而是以折扣率,出价的折扣率,有两个相关的数字

耶鲁公开课 - 金融市场课程节选

If your dealer quotes you a discount rate of 2.51%, you know how to convert that into the price and that's all that matters--all that really matters is the price you have to pay.

如果经销商告诉你折扣率是2.51%,你要知道如何转换成价格,真正和你有关系的,是你需要付多少钱

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If you had a perpetuity, which paid C/2 forever, you already know from the perpetuity formula that the value of that would be C/2 divided by r/2 if r/2 is the discount rate.

如果你有一只永续债券,每半年付息C/2,没有到期日,从永续债券的公式可以知道,债券价格等于C/2除以r/2,r/2为贴现率

耶鲁公开课 - 金融市场课程节选