The theory of the term structure is the theory of how interest rates differ according to maturity or term.

利率期限结构理论就是,怎样由不同的期限,产生不同的利率

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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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That means, in the simplest-- it's called the expectations theory of the term structure.

这意味着,在最简单的利率期限结构理论,即利率期限结构的预期理论中

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The upward-sloping term structure means that the forward rates are at higher levels.

尾部上扬的期限结构表明,远期利率处于高位

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What he says is those forward rates are what people think interest rates will be in the future and that's called the expectations theory of the term structure.

这里所指的远期利率就是人们预期的,未来利率,我们将这种理论称作,利率期限结构的预期理论

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I showed you a one-year Treasury bill rate for right now-- that's not right now, but you can see I have a one-year and a two-year Treasury bill rate.

一年期国债利率的期限结构图,现在没有了,但你们看过了,一年期和两年期的国债利率

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That's the term structure as of now on the chart.

目前的利率期限结构

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He said that we shouldn't think that the-- the simplest story of the term structure of interest rates, which he expounded there, is that forward rates equal expected future interest rates.

他提出,我们不应该认为,他在书中写道,对于利率期限结构,最简略的概括,是远期利率等于未来利率的期望值

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Forward rates I wrote a survey article years ago about the term structure of interest rates and I wanted to find out who was the originator of the term "forward rate."

远期利率,很多年前我写过一篇,研究利率期限结构的文章,我想知道谁是"远期利率"这个词的创始人

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Look how--this is as of earlier this year; the Federal Funds Rate was at around 4% and it has this huge drop in the term structure and then it starts the upward-sloping.

这是今年早些时候的图形,当时联邦利率徘徊在4%,但期限结构,在此处急转直下之后又开始掉头向上

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