So, according to the expectations theory augmented with liquidity preference-- This strongly upward-sloping term structure in 2003 would reflect two things.
所以,根据结合了流动性偏好的,预期理论,2003年期限结构中表现出的,强烈上扬趋势反映了两方面的因素
One is that people expected interest rates to go up and, so there's also another effect pushing interest rates up.
一方面人们预计利率上升,这是另一种推动利率上扬的因素
Well, it's a little hard to see, but things tend to take off.
有点难看出来,但是在这里图线是上扬的。
One thing that happened was that after 1956, 1957 the number of cases were down, there was a small bump here, the cases were up.
一九五六年后发生了一件事,在一九五七年,病例的数量有所下降,但在这里却有一个很小的上扬,病例数量上升了
So, if interest rates go down, the value goes up, if interest rates go up, the value of your investment goes down.
因此如果利率上扬,它的价值就下跌,如果利率上扬 这份投资的价值就会走低
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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