然而，许多很流行的短期利率模型的建模效果却不尽人意。

Unfortunately, many popular single-regime models do a poor job of modeling the short-term interest rates.

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实证结果表明所有的单因子短期利率模型都不能很好地描述中国上海证券交易所债券市场上的短期利率变化，CKLS模型是它们中表现最好的单因子利率模型。

The results show that all the single-factor models cannot match dynamic change of the short interest rate, and the CKLS model does the best among them.

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本文利用GARCH模型，运用事件研究方法研究利率、存款准备金率调整对股票市场的短期影响。

This paper uses GARCH models and event study method to study the short-term control effect of interest rates adjustment and deposit reserve rate adjustment policies to stock market.

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