在在其他因素不变的情况下，短期利率的降低会减小贴现因子，从而引起资产价格(即未来的现金流入的现值)上升。
Other things being equal, a reduction in short-term interest rates should bump up asset values, because their stream of future earnings is discounted by a smaller factor.
在在其他因素不变的情况下，短期利率的降低会减小贴现因子，从而引起资产价格(即未来的现金流入的现值)上升。
Other things being equal, a reduction in short - term interest rates should bump up asset values, because their stream of future earnings is discounted by a smaller factor.
由极大似然估计可以得到单因子利率模型的边际密度函数。
The marginal densities of single-factor interest rate models can be obtained by maximum likelihood estimation.
本文论证了双曲模型是描述中国货币市场利率动态变化的最佳单因子利率模型。
This article demonstrates that hyperbolic model is the most suitable single-factor interest rate model to describe the dynamics of Chinese money market interest rates.
单因子利率模型中，只设定一个状态变量，即无违约风险的瞬时利率。 瞬时利率的运动变化决定了整个利率期限结构的运动变化。
In case of single-factor interest rate models, there is only one state variable, the default-free instantaneous interest rate.
将整个样本区分成两个子区间分别回归后发现，利率水平、斜率和曲度三因子所隐含的信息随着时间不断增加。
What's more, we split the whole sample interval into two segments, and we find these three factors contain more and more information about future's movement as time goes by.
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.
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.
结果表明，引入GARCH、机制转换以及跳跃因子可大大地提高短期利率动态模型的拟合效果。
The estimation suggests that introducing GARCH, regime-switching and jump effect substantially improves the fitting degree of the spot rate models.
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.
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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