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Suppose you are moving after five years, you took out a thirty-year mortgage and you're moving after five years.
假设你已经偿还了五年贷款,你的贷款总期限是30年,你已经还了五年
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Then the--so the term structure was downward-sloping until about two and a half years and then it was upward sloping.
期限结构线先向下倾斜,在到期期限过了两年半的时点后,才缓慢回升
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At the end of the loan upon your payment of the principal and of sufficient additional interest, John Milton, Sr., the goldsmith, would return to you the gold that you had entrusted to him.
在贷款期限到期时，在你支付了本金,和额外的利息后，金匠约翰弥尔顿会把你托付,给他的金币还给你。
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So,as the vaccine was passed from arm to arm, it became less potent, and the length of protection that it would give you varied.
所以当疫苗从一个人传给另一个人之后,它的防治效力会减弱,它带给人的免疫期限也会改变
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So, that is Irving Fisher's diagram in a nutshell, but I think it's--so what does it say about the term structure?
以上是对欧文·费雪图表的概述,这个图怎样说明期限结构呢
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So we have--U.S. Government issues bills and that's less than or equal to one year and they pay no interest.
美国政府发行的短期国库券,期限通常小于或等于一年,且不付息
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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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As you know, the maturity is 60-days and, as you know, there are about 360 days in a year.
这里的期限是60天,另外一年大概是360天
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The banks weren't willing to lend more than five years because they didn't trust you; they thought things would change and whatever.
银行不愿批准期限超过五年的贷款,因为他们不相信你,他们认为世事难料
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The term structure is one of the most interesting things in economics because it shows the price of time at various maturities.
经济学中,期限结构是个有趣的话题,因为它揭示了不同到期期限的时间价值
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So, I've got here a term structure; well, the term structure is the plot of yield-to-maturity against time-to-maturity.
我这有一张期限结构图,期限结构其实是,到期收益率与到期期限之间的关系图
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The thirty-year mortgage came in the early 1950s but it seems to have gotten stuck at thirty-year.
0世纪50年代初出现30年期的贷款,这之后期限不再增加
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It was really the government that made the switch from five-year mortgages to the long-term mortgages.
这实际上是政府主导的改革,从五年抵押贷款变成更长期限的抵押贷款
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The typical -I'm going to talk about the conventional thirty-year mortgage, which has been a standard in the United States ever since the early 1950s.
典型的抵押贷款,我先介绍普通30年期抵押贷款,从20世纪50年代初起,它就是美国抵押贷款的标准期限
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The Wall Street Journal calls around to the dealer, which has an inventory of all these maturities and asks them for their bid and ask.
华尔街日报》联系中间商,他们有各类期限的国库券,并询问他们的买入价和卖出价
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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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This is the term structure just a short while ago-- of December 2006--very different.
这是不久前,06年12月的期限结构图,形状很不一样
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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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I want to compare it with other examples of the term structure recently.
我想将这与其他近期的期限结构图比较下
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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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If you look at the current term structure, it's interesting.
我们注意这里的期限结构很有趣
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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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What that means is that you would borrow $5,000 to buy a house and in five years and every year along the way you'd be paying interest on your mortgage.
它的意思是,你借了5000美元去买一所房子,期限是五年,在这五年内,每年你要归还抵押贷款的利息
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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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He had a diagram, which illustrated what is the ultimate cause of interest, and it helps us to think about this diagram whenever we try to understand the term structure.
费雪教授用一张图,来解释决定利息的本质因素,每当我们试图理解期限结构时,就会用到这张图
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Now, the term structure was pretty much upward-sloping everywhere.
这里期限结构的走势显然一直向上倾斜
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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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It's not a standard in most countries, actually.
事实上,这不是大多数国家的标准期限
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