So, according to the expectations theory augmented with liquidity preference-- This strongly upward-sloping term structure in 2003 would reflect two things.
所以,根据结合了流动性偏好的,预期理论,2003年期限结构中表现出的,强烈上扬趋势反映了两方面的因素
I think one reason why they may have changed it in 2003 is that interest rates were getting really close to zero in 2003.
我认为其中一个,为什么他们在2003年改变了它的原因,就是利率在2003年真的快要接近零了。
So the winner of this year's contest, this is like 2003 or so.
那一年的冠军,就是2003年左右。
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