实际利率

Has collected since July,2005 changes, the Renminbi to US dollar accumulation revaluation scope already about 8%, the year revaluation scope in 4%, at present a US dollar year time deposit interest rate is 3%, this also meant, has in the bank US dollar real return is the negative value, the property one daily "the synaeresis".

自2005年7月汇改以来，人民币对美元累计升值幅度已在8%左右，年升值幅度在4%，目前美元一年期的存款利率为3%，这也就意味着，存在银行中的美元实际收益为负值，资产正在一天天地"缩水"。

Has collectedsinceJuly,2005 changes, the Renminbi to US dollar accumulation revaluation scope already about8%, the year revaluation scope in4%, at present a US dollar year time deposit interest rate is3%, this also meant, has in the bank US dollar real return is the negative value, the property one daily "the synaeresis".

自2005年7月汇改以来，人民币对美元累计升值幅度已在8%左右，年升值幅度在4%，目前美元一年期的存款利率为3%，这也就意味着，存在银行中的美元实际收益为负值，资产正在一天天地"缩水"。

Finally, taking the binominal pricing model in Water Conservancy and Hydropower safe investment as an example analysis, verifying the method can be scientifically guiding the Water Resources and Hydropower security investment decision-making.

此外，文中诸多简化的假定（譬如：期权的期限、标的资产的波动率、无风险利率）未能真实反映出水利水电建设项目的实际，所以期权定价模型中的参数如何作相应的调整尚需深入探讨。

According to Meese's exchange rate model in 1986, in this paper, we modified Meese's (1986) model and suppose the Interest Rate Parity is untenable, the risk premium factor and real exchange rate parameter are considered, and the Purchasing Power parity doesn't follow random walk, we derive our modified equilibrium model. Base on the State Space Model, we try to estimate bubbles and risk premium which are unobservable variables by Kalman Filter to test which one is or both are the main factors that to cause the real assets price biased from the market fundamental price.

本文是以Meese(1986)所决定的汇率模型为基础，但Messe一文并未讨论到风险溢酬的问题，故本文为了克服此一缺憾，而假设未抛捕的利率平价说(uncovered interest parity，UIP)不成立，以加入风险溢酬因子，且更进一步假设偏离购买力平价理论(purchasing power parity，PPP)不服从随机漫步，若如此则顺利将实质汇率变数纳入於模型中，重新建立均衡汇率模型，为了验证本文所创立的模型，实证方法以状态空间模型为基础，运用卡门滤波器递回法来估计不可观察的变数，以观察台湾的外汇市场上是因泡沫现象还是风险溢酬造成资产价格偏离市场基要价值或是两者皆是造成实际资产价格偏离市场机要价格的因素。

Finally , in view of Chinese situation, a practical selection on Loan Pricing in early stage of interest rates market is suggested for Chinese Commercial Bank , and the envision is made on the application of Risk Pricing M ODEL .

本文最后还根据我国的实际国情，提出了我国商业银行在利率市场化初期贷款定价的现实选择，并对风险定价模型的应用进行了展望。

But in actual financial market,the stock prices maybe affected by multi-factor,it pays dividend,and and riskless interest rate etc is function of time.

然而在实际的金融市场中，股票的价格可能受多个随机因素的影响，股票支付红利，而且无风险利率等随时间而变化。

The hang closely together on this trap and clear: Wang Wei, deputy to the high cost of bait, the actual control of the Taxodiaceae Ningbo, China Light and other enterprises and companies commissioned by the signing of palm oil imports Contracts, use of imported grain and oil shipping schedules and letters of credit loan period of three months of the time difference, letters of credit to cash in the capital of Ningbo in the short-term loans, access to high interest rates; On the other hand, loan-sharking in a large number of bad debts, not enough to pay credit Credit card, through its low-cost selling exists in Tianjin Sheng storage of grain and oil palm oil for cash flow.

的环环相扣，一起在这个陷阱和明确的：王伟，副的饵料成本高，对宁波杉科，中国轻和其他企业和进口棕榈油签署委托公司的实际控制合同，使用进口粮食和石油运输的时间表和信贷的三个时差个月贷款期限的信，信用证现金在宁波资本的短期贷款，获得高利率，另一方面另一方面，放高利贷的坏帐大量不足以支付通过其低成本销售信用卡信用卡，在天津盛粮油现金流量棕榈油存储存在。

MS FAYRE （the Morgan Stanley FAir Yield Regression Estimate） is based on an estimated long-run relationship between 10-year yields and a small set of 'fundamentals', including the real fed funds rate, survey-based inflation expectations and inflation volatility （for an exposition of the model, refer to J.

MS FAYRE是摩根斯坦利估算的10年期国债收益率合理值，依据是10年期国债收益率与一组&基本面变量&（包括实际联邦基金利率、调查得出的通胀预期以及通胀波动性指标）之间的长期回归关系。

What links today's gold fever with the 1970s rush is negative real deposit rates.

将此时的黄金热与上世纪70年代的冲顶联系在一起的是存款实际负利率。

So it is worrying that global monetary policy is now at its loosest since the 1970s: the average world real interest rate is negative.

令人担忧的是，目前全球货币政策自1970年以来处于最为松散的状态：全球实际平均利率为负数。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。