来自《耶鲁大学开放课程：金融理论 第9集 第9集》

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  This is just common sense to see if you have any idea what's going on.
  根据常识我们就可以搞清楚这个问题
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  If you think about batting averages and how somebody's
  可以考虑一下平均成功率
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  average changes each time he bats--
  和平均成功率如何变化
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  if the yield curve is flat, like in 2006,
  如果收益率曲线水平 比如2006年
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  the forwards are going to basically be flat.
  远期利率也基本上是水平的
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  But if the yield curve is upward sloping,
  如果收益率曲线上升
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  then the forward yields are going to go up much faster.
  那么远期利率曲线将会上升地快很多
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  So why is that?
  为什么会这样呢
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  Okay, well, remember, the yields, you know--
  还记得那个曲线么
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  when you do a 5 year coupon bond, you're discounting all the cash flows,
  当计算五年期息券时 考虑了所有现金流
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  the previous 4 cash flows, using the same yield to discount them all.
  前四年的利息都用相同的收益率来折现
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  So if you go from year 4 to year 5, and you have to raise the yield a lot,
  比较4年和5年债券 收益率会提高