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

I mean, to the extent that you're making these short-term bets against your long-term policy, it requires trading and trading is expensive.

我的意思是,在长期策略下进行短期操作,就需要进行交易,而交易是昂贵的

耶鲁公开课 - 金融市场课程节选

In this case, to optimize for the best of the whole community and the whole user base and over the long term and that's important too, your long over short term.

在这个前提下,去寻求整个社会,以及所有用户的长远利益的最大化,这十分重要，我们寻求长期利益，而非眼前利益。

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Liquidity is that banks lend long and borrow short -short-term, I mean.

流动性是指银行贷长借短,短是指短期

耶鲁公开课 - 金融市场课程节选