Let's listen to Luciano Pavarotti sing a leading tone, and as by coincidence, it happens to be the one-year anniversary of Pavarotti's death this week.
让我们听一下,卢西亚诺·帕瓦罗蒂演唱的导音,巧合的是,这周恰好是,帕瓦罗蒂逝世一周年
The idea of a forward rate is that, implicit in that term structure is also a quote for the one-year rate, one year hence, because if you look at the two-year rate, can't you infer back what interest rates are going to be in one year?
远期利率隐含在期限结构中的,一年期利率报价,起息日是第二年初,因为如果你知道了两年即期利率,就可以很自然地推出一年即期利率
I just basically do year-one to the present, it's was nice warm outside, that was the day he was born.
我到现在做了一年,那天户外很晴朗暖和,那天他出生了。
And we graduated the same year -- now no one has to say what year that was, even if you know, but we did graduate the same year.
我们同一年毕业的-,当然我不要求你们说出是哪一年,可能有人知道,我们在同一年毕业。
What they also did around the year one thousand was to identify-- to label--these particular spots--spaces and lines.
在公元一千年左右,他们还制定了规范,来标记这每一个点,间和线
And what happened is, over a 30-year or so period, the industry really shifted to be one where industry standards started to come into play, the customers started to have a bigger role.
经过了30年左右,这个行业发生了变化,出现了产业标准,消费者的角色也越来越重要。
One of the enduring works written in 1922, the amazing year that The Waste Land and Ulysses appeared and The Criterion started its publication -one of those amazing works is Marianne Moore's poem called Poetry.
她其中一篇流传甚久的诗篇作于1922年,这一年那个《荒原》和《尤利西斯》都发表了,《标准》也开始出版,那年的杰出作品其一就是穆尔的《诗歌》
One year we actually had something like forty-two people signed up, and the course was much bigger, and we thought they all thought they were getting a free prize or something for signing up, there were so many of them.
有一年还真有,大概四十二个学生选了这课,那课堂大多了,当时我们觉得那些学生,是不是觉得选课能有奖励还是什么的,总之人特别多
You put a child on one side of the mountains and you ask him to draw it, and a four- or five-year-old can do it easily, but then you ask him to draw it as it would appear from the other side and children find this extraordinarily difficult.
你让孩子在模型的一边,要求他把自己看到的三山模型画出来,四五岁的儿童便能够轻易做到,但是,如果你要求儿童画出,从模型另一边看过去的样子,儿童就会觉得非常困难
The present value is equal to-- remember it starts one year from now under assumption-- we could do it differently but I'm assuming one year now.
则现值就等于,记住它从现在开始起一年一年的支付,只是个假设,我们能做不同的假设,但现在我就假设成一年
We call an instrument of the U.S. Treasury with a maturity less than or equal to one year--we call that a bill and they used to be the only discount bonds issued by the U.S. Government.
我们把期限小于或等于一年的,国库券品种称为短期国库券,它们曾是美国政府,唯一发行的贴现债券
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
The shortest term debt instrument in the United States is the Federal Funds Rate, which is an overnight rate--one day maturity-- and the longest issued by the Government is a thirty-year government bond, which will be repaid three decades in the future.
美国最短期的债券,是联邦基金利率,隔夜拆兑,一天到期,而时间最长的国债,是一种三十年期的政府债券,未来三十年才兑现
Because the two-year rate is--you've got the one- year rate and the two year rate, so between the two, what's left?
如果你知道一年即期和,两年即期利率,那么两者之间是什么
What is the present value of that? Well, the first-- each payment we'll call a coupon-- so it pays one pound one year from now.
那么它的现值又是多少呢,首先,每一次支付的数额称为一个券息,从现在开始每一年都要支付一英镑
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