It consists of a promise to pay, usually denominated in currency, and there are both long-term and short-term debt instruments.

是一种付款承诺,通常是货币支付形式,有长期债券,以及短期债券

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

It surprises many people that stocks have paid such an enormous premium over the return on short-term debt.

很多人没有想到的是,股票相比短期债券而言,存在一个巨大的溢价。

耶鲁公开课 - 金融市场课程节选

They show the expected return on stocks versus bonds or short-term debt for a whole range of countries.

他们对这些国家的股票预期收益与,国债或者短期债券作出比较。

耶鲁公开课 - 金融市场课程节选

I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?

我是指，你们真的。。。你们也会怀疑，这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多？

耶鲁公开课 - 金融市场课程节选

Stocks have paid 4% more a year over this incredibly long time period than short-term bonds.

股票在相当长的一段时间里,每年都比短期债券投资收益率,高出4个百分点。

耶鲁公开课 - 金融市场课程节选

Also, they've paid much more than long-term-- well it's not so different.

同样地，股票也比长期债券回报率高-,但不像短期那样差那么多。

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

The other thing that I mentioned last time was that there seems to be a really big difference between the expected return on the stock market and the expected return on short-term debt.

上节课提到的另一条内容是,股票市场的预期收益,与短期债券的预期收益,存在着巨大差异

耶鲁公开课 - 金融市场课程节选

So, ownership of stocks absolutely crushes buying bonds -almost 16,000 times your money or more than 3,000 times your money in the stock market as opposed to 72 times your money or 19 times your money in the bond market or the bill market.

股票的收益率远远超过债券,小盘股的收益差不多16000倍于本金,而大盘收益也翻了300倍以上,相比长期债券的72倍,和短期债券的19倍

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选