I thought I would describe forward rates in terms of the coffee hour at The London School of Economics in the '20s.
我也许应该用20年代伦敦政经,咖啡时间的情形来描述远期利率
I asked my graduate student research assistant to research the whole literature and find out where did the word forward rate come from.
我让我的助研去查找,所有相关文献,试图找到,谁最先提出了远期利率的概念
The difference between those two somehow reflects what interest rates will be between one and two.
两者之间的差异在一定程度上反映了,第一年后开始的一年期远期利率
It says that the forward rate, which you can compute from today's newspaper or from today's website--you can compute the forward rates for all future dates.
这些告诉我们,人们可以从今天的报纸,或网上的信息中计算出,未来任意时刻的远期利率
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
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
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
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
Forward rates equal expected future spot rates.
即远期利率等于未来即期利率的期望值
What Hicks said is that in these term structures, actually, I've just showed the one-period, he had one-period forward rate-- but you could do it over any combination and you can get forward rates of any maturity at any future date.
希克斯指出利率期限结构中,我刚才给你们演示了,希克斯是如何推导一年期远期利率的,但是你们通过其他组合重新推导,还算出未来任意时刻,期限的远期利率
but I think it's motivational, and so I said, are you sure that J.R. Hicks invented the term "forward rate"?
但我觉得这很有趣,我问他,你能肯定,J·R·希克斯是"远期利率"的提出者吗
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