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This diagram is, I think, the most famous diagram in all of financial theory and it's actually the first theoretical diagram.
我认为这张图表，是金融学理论中最有名的一幅图了,也是第一幅理论图形。
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Let me start by--the way-- the kind of institution that you probably know relatively little about -or commercial real estate.
首先我要,讲一种,你们不太熟悉的金融机构,或者叫商业地产
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Yes. That was certainly the biggest, I mean, that was an international financial crisis, but it was largely focused here at home.
对，那的确是最大的，我是说那其实是一场全球金融危机，但是焦点基本集中在我们这里。
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John Geanakoplos and I had a meeting and we tried to divide up the subject matter of finance into two courses.
约翰·吉纳科普洛斯和我开了个会,我们将金融这一学科,分为两门课
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The idea in this course is that by being a financial markets course, you have to know how the world works.
这门课的要旨在于,一门金融市场课,你会从中学到世界运转的方式
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The idea that I want to develop is that the history of finance is a history of discrete inventions.
我想详述的观点是,金融学的历史由一项又一项技术发明组成。
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It's a very important observation in finance that returns on a lot of speculative assets have fat-tailed distributions.
在金融界中,这是一种重要的观测方法,许多投机性资产的收益,都是服从长尾分布的
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Well it was something like eight years ago that we reached the present situation with two finance courses.
八年前的一件事,促使我们同时开设了两门金融类课程
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What Harsanyi and Rawls both gave us was a system of justice that, in my mind, conveys a sense of financial risk management.
在我看来，海萨尼和罗尔斯向我们阐述的,是一种公正机制，融合了金融风险管理意识。
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Finance, I believe, is a technology and that means it is a way of doing things.
我认为,金融也是一种科技,也就是说,金融是,一种创造价值的技术
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So the way this course is divided up is different than the Financial Theory course.
这门课程的划分,与另一科目"金融理论"不一样
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There is another course--we have two basic courses in finance for undergraduates at Yale.
还有另外一门课,耶鲁共为,大学生准备了两门金融方面的基础课程
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The Fed has never given loans to anyone other than a depository institution that is a bank until last month, except they did so in the Depression.
上个月，联邦政府已经开始限制贷款业务,除了银行以外的其他金融机构,休想再放出一分钱的贷款，也就是在萧条时政府才会这么做。
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The history of financial innovation is always that the organizations adapt to crisis.
历史上的金融创新基本上都是,组织机构对危机的一种适应
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I don't know if you were reading about the subprime crisis, but we are living in a time, at this moment, of a financial crisis called the subprime crisis.
我不知道你们是否读过次贷危机的新闻,但现在,我们正在经历一场,名为次贷危机的金融危机
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I think they motivate a lot of what -I'm going to write a number of principles of behavioral finance down and just mention them briefly and then return to regulation.
我认为他们促进了这些...,我先写一些行为金融学的原理,只是先简单地过一遍,再回到市场监管
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It's a mistake to try to consider finance in isolation.
把金融学看作一门孤立的学科是错误的
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So it's a very interesting time in finance.
所以现在是金融史上一段非常有趣的时期
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It's like a language, a language of finance.
这就像一种行话,一种金融用语
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A financial instrument is like an engineering device.
金融工具就像是,一种工程设备
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Now, there's nothing special about annual-- that's the time it take the Earth to go around the sun, but it doesn't have any relevance to finance-- but we are just accustomed to using that.
这里所谓的一年也没什么特别,就是地球绕太阳一圈的时间,和金融没什么关系,我们只是习惯这么用
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It's a way of helping troubled financial institutions.
这是一种帮助困境中的金融机构的方式。
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The problem that's been revealed in finance literature is that there's an uncanny tendency for the stock price to go up after the company awards large quantities of options to its executives.
但一些金融文献中提到这样一个问题,即出现了一种诡异的趋势,一旦公司奖励了大量的股票期权给,公司管理层,之后股价就会上升
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Debt is the simplest of financial instruments.
债券是金融工具中最为简单的一种
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The financial crisis was one.
金融危机是一件。
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The other one is Economics 251, Financial Theory; this is Financial Markets, that one is Financial Theory.
还有一门是经济学251号课程,金融理论学,这是金融市场课,那是金融理论学
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I want to say something about morality and about mixed feelings that people have about finance.
我想提一提道德问题,以及人们对金融的不同观点
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You can see, this is how the unseen rule of finance-- The Wall Street Journal is a venerable newspaper and source of information about finance, but it's not making money.
可以看到,这就是金融界的潜规则,《华尔街日报》是一份令人尊敬的报纸,和金融信息的来源,但它并不盈利
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In finance, there's often reference to another kind of average, which I want to refer you to and which, in the Jeremy Siegel book, a lot is made of this.
在金融里,我们经常提到,另外一种均值,在杰里米·西格尔的书里多次提及
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Then I want to talk in the next lecture about regulation, which means government oversight of financial markets and not just government oversight, there are also the so-called self-regulatory organizations that are created in the financial industry to self regulate.
接下来的一课,会讲到金融监管,政府对金融市场的监管,不仅仅如此,还有金融界为了,监督自身而创设的,我们称为,自我监管的组织
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