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

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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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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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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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Forward rates equal expected future spot rates.

即远期利率等于未来即期利率的期望值

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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

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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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