来自《耶鲁大学开放课程：金融理论 第9集 第9集》

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  so we could have computed what they think.
  我们可以计算下他们怎么想的
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  So they think rates are going to go way up in the future,
  他们认为利率在将来将会涨得很高
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  okay, much higher than that, because you're starting so low,
  比这高很多 因为开始很低
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  staying low for a while.
  低了一端时间
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  So the rates have to go up, the forward rates,
  然后远期利率上升很大
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  really sharply to pull the average that high.
  让平均值变得很高
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  So people are convinced that rates are going to go up in the future.
  人们相信利率将在未来变得越来越高
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  That's what that tells you.
  这就是图像说明的
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  And why would they be convinced of that?
  为什么人们如此确信呢
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  Well, for the two reasons that you gave at the beginning.
  两个理由开始你们讲过
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  One of you said, "The market is going to get more productive."
  一位同学说 市场效率会提高
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  Irving Fisher has already told us that when the market gets more productive,
  费雪已经告诉我们市场效率更高时