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Now, the interest rate in Irving Fisher's world has to equate supply and demand in the market for debt.
在费雪的理论里,利率必须与,债券市场的供需关系保持平衡
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If the Fed wants to push the Federal Funds Rate up and down it goes and buys short-term government bonds.
如果联邦希望推动,联邦资金利率上升下降,它将会去买短期的政府债券。
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So, if a bond was issued when interest rates were lower, they might have a 4% coupon when the prevailing rate is 6%.
所以，如果一只债券在利率很低的时候发行，在汇率为6%的的时候，它们可能有一个4%的票息。
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With an indexed bond you don't have to do this calculation to get the real rate.
对于物价指数债券,你无需,通过以上计算得到实际利率
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We're talking about discount bonds, and then coupon-carrying bonds, and then talk about the term structure of interest rates and why we have interest rates.
我们先讲贴现债券,然后是附息债券,再讲讲利率的期限结构,以及为什么要有利率
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They go back to ancient times, but I'm going to talk about some of our modern institutions and I'm going to talk first about discount bonds.
它能追溯到远古时代,不过今天要讲的是现代商业机构的利率,首先要讲的是贴现债券
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If you have a bond with an interest rate of 4.375% -that's not an easy one to divide by two but you would get half of that every six months until maturity.
如果你持有一种利率为4.375%的债券,这个数除以2有点难算,而在债券到期前,每半年你能得到4.375%一半的券息
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We're talking today about interest rates and bonds.
我们今天要讲的是利率和债券
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There are not only debt instruments that are payable in currency, but there are also indexed debt instruments that are indexed to the price level so that they give real interest rates.
债券工具,不仅仅是可以支付的货币手段,还是指数利率工具,以指数的形式表达债券的价格水平,显示出实际利率
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The shortest term debt instrument in the United States is the Federal Funds Rate, which is an overnight rate--one day maturity-- and the longest issued by the Government is a thirty-year government bond, which will be repaid three decades in the future.
美国最短期的债券,是联邦基金利率,隔夜拆兑,一天到期,而时间最长的国债,是一种三十年期的政府债券,未来三十年才兑现
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What they did instead of just-remember the Federal Funds Rate is a target interest rate that the Fed attempts to hit through buying and selling treasury bills in the U.S. or in other countries buying and selling government bonds to affect the market.
他们真正做的事-记住,联邦资金利率是,美联储试图通过在美国,买进和卖出国库券,或在其他国家买进和卖出政府债券,来影响市场的目标利率。
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The price is just the present value of that stream, discounted at the interest rate.
债券的价格就是这些现金流,以利率r为贴现率算出的贴现值
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