Anyway, the government might buy them back too, so who cares if it isn't forever.

无论如何,也许政府会重新将公债买回来,谁在乎它到底是不是永久的呢

耶鲁公开课 - 金融市场课程节选

It just doesn't have any risk to it, it has no variability.

公债是没有风险的，是稳定的资产。

耶鲁公开课 - 金融市场课程节选

The simplest thing is something called a consol or perpetuity.

其中最简单的东西叫做公债或叫永续年金

耶鲁公开课 - 金融市场课程节选

Let's say this thing pays one pound a period forever.

假设公债规定永远于每时间段支付一英镑

耶鲁公开课 - 金融市场课程节选

Then you've got something that will pay you something forever.

这份公债能确保你永久收到利息

耶鲁公开课 - 金融市场课程节选

That's the formula for the present value of a consol.

它就是永续公债里现值的计算公式

耶鲁公开课 - 金融市场课程节选

There have also been one hundred-year bonds and there have also been perpetuities that-- in the UK, for example, the British Consoles-- have no expiration date and they have infinite maturity.

还有更长期的一百年债券,还有一种永续年金,比如说英国的大英统一公债,没有过期日,永不到期

耶鲁公开课 - 金融市场课程节选

We call them consols because, in the early 1700s, the British Government issued what they called consols or consolidated debt of the British Crown that paid a certain amount of pound sterling every six months forever.

我们称之为公债是因为早在十八世纪初,英国政府规定他们称之为英国皇家,统合公债或者联合公债,要求永久性地,每六个月支付一定数量的英镑

耶鲁公开课 - 金融市场课程节选

The British Government issued those consols in the early 1700s and, while they were refinanced in the late nineteenth century, they're still there. If you want to go out and buy one, you can get on your laptop right after this lecture and buy one of them.

英国政府,在十八世纪初就推出了这份债券,当他们在十九世纪再融资的时候,公债仍然有售,如果你想去买一份的话,你可以在这堂课后用笔记本电脑,买一份公债

耶鲁公开课 - 金融市场课程节选