The interesting question from the standpoint of economic theory is, why did it have that funny shape?

从经济学理论的角度来看,期限结构的走势为什么会这样呢

耶鲁公开课 - 金融市场课程节选

Look what the housing--the blue line shows what home prices in real terms have done in Los Angeles over the last thirty years.

看看房地产的情况...那条蓝线,显示了在过去30年中以实际价格计算的,洛杉矶房屋价格走势

耶鲁公开课 - 金融市场课程节选

I constructed a series of home prices -that's the red line and the red line is -you can see how it's moved through history.

我绘制了一条房屋价格的时间序列曲线...,就是那条红色的线,你可以看到它的历史走势

耶鲁公开课 - 金融市场课程节选

The idiosyncratic behavior of Google stock from the time that we purchase it to the time that we sell it would define Yale's returns.

谷歌股票在从买入,到卖出这一段时间里的走势,将决定耶鲁的回报率

耶鲁公开课 - 金融市场课程节选

Jeremy Siegel, Stocks for the Long Run, says the default should be equities.

杰瑞米·西格尔，在《股票的长期走势》一书中，指出默认的投资方式应该是股票。

耶鲁公开课 - 金融市场课程节选

Los Angeles and Milwaukee were tied in 2006 for their expectations.

006年洛杉矶和密尔沃基的,预期走势持平

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

If you look at the December 2003, what's going on?

观察一下2003年12月的利率走势,你会发现什么

耶鲁公开课 - 金融市场课程节选