This term is used especially for plants like herbs that produce new growth year after year from the same root structure.

VOA: special.2009.07.21

Then the--so the term structure was downward-sloping until about two and a half years and then it was upward sloping.

期限结构线先向下倾斜,在到期期限过了两年半的时点后,才缓慢回升

耶鲁公开课 - 金融市场课程节选

So, that is Irving Fisher's diagram in a nutshell, but I think it's--so what does it say about the term structure?

以上是对欧文·费雪图表的概述,这个图怎样说明期限结构呢

耶鲁公开课 - 金融市场课程节选

I mean a blanket term, a guiding concept, a transcendental signified, something that explains the nature of the structure and something also, as Derrida says, which allows for limited free play within the structure; but at the same time the structure has this kind of boundary nature.

是一个概括性称呼，一个引领概念，一个超验所指，它解释了这个结构的内涵，正如德里达所说，它允许在结构内有限的自由游戏;,但同时这个结构也有限性。

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The theory of the term structure is the theory of how interest rates differ according to maturity or term.

利率期限结构理论就是,怎样由不同的期限,产生不同的利率

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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

耶鲁公开课 - 金融市场课程节选

So, I've got here a term structure; well, the term structure is the plot of yield-to-maturity against time-to-maturity.

我这有一张期限结构图,期限结构其实是,到期收益率与到期期限之间的关系图

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The term structure is one of the most interesting things in economics because it shows the price of time at various maturities.

经济学中,期限结构是个有趣的话题,因为它揭示了不同到期期限的时间价值

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Neither do the dealers determine the term structure; the dealers have to buy and sell at prices that are in the market.

中间商也不能决定,中间商只能按照市场价进行交易

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The Federal Funds Rate was 5.5% and then the whole term structure -all the way--almost all the way.

联邦基金利率是5.5%,整个期限结构图,几乎自始至终...

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This is January of this year, before the Fed cut interest rates, and this is the term structure.

这是今年一月,联储局降息前的期限结构图

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Now, I want to talk about the term structure of interest rates and that's my next plot here.

接下来我要讲利率期限结构,下一张图是

耶鲁公开课 - 金融市场课程节选

That's because on the date that I got this term structure everybody knew the Fed was cutting rates and they got it exactly right.

在我拿到这幅期限结构图的当天,市场获悉了联储局降息的消息,正如预测的一样

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The Fed has these auctions but it auctions them off at what price the public will pay, so the Fed doesn't determine the term structure.

联储局公开拍卖债券,但只有当公众愿意以特定价格支付时,这些债券才能成交,所以联储局不能决定期限结构

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We're talking about discount bonds, and then coupon-carrying bonds, and then talk about the term structure of interest rates and why we have interest rates.

我们先讲贴现债券,然后是附息债券,再讲讲利率的期限结构,以及为什么要有利率

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So, you can see the term structure doesn't go up between overnight and three months.

从隔夜拆借利率到三月远期利率这段区间内,利率期限结构没有上扬

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That means, in the simplest-- it's called the expectations theory of the term structure.

这意味着,在最简单的利率期限结构理论,即利率期限结构的预期理论中

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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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It's one of the questions of economics -what determines the term structure?

经济学中的一个老问题是,期限结构是由什么决定的呢

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He said that we shouldn't think that the-- the simplest story of the term structure of interest rates, which he expounded there, is that forward rates equal expected future interest rates.

他提出,我们不应该认为,他在书中写道,对于利率期限结构,最简略的概括,是远期利率等于未来利率的期望值

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So you--it doesn't--this theory doesn't say a whole lot about what the term structure will look like but it suggests that it's determined by the interplay of lots of economic factors.

这个理论没有详细说明期限结构,期限结构是什么样子的,但它指出了这是由,经济因素间的相互作用决定的

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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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He had a diagram, which illustrated what is the ultimate cause of interest, and it helps us to think about this diagram whenever we try to understand the term structure.

费雪教授用一张图,来解释决定利息的本质因素,每当我们试图理解期限结构时,就会用到这张图

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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

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Going further out, the term structure just kept rising.

随着时间期限延长,期限结构走势持续上升

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Look how--this is as of earlier this year; the Federal Funds Rate was at around 4% and it has this huge drop in the term structure and then it starts the upward-sloping.

这是今年早些时候的图形,当时联邦利率徘徊在4%,但期限结构,在此处急转直下之后又开始掉头向上

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I showed you the term structure.

你们看过利率期限结构图了

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This is the term structure just a short while ago-- of December 2006--very different.

这是不久前,06年12月的期限结构图,形状很不一样

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I want to compare it with other examples of the term structure recently.

我想将这与其他近期的期限结构图比较下

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