央行的基本職能是什么？央行是如何調(diào)控貨幣的？Perry Mehrling講得特別清楚，搞懂央行的邏輯，有助于把控市場(chǎng)周期。

Defend exchange rate 維持匯率穩(wěn)定

Financial stability and Defend the mint par 維持銀行系統(tǒng)的穩(wěn)定

Economy stability 經(jīng)濟(jì)穩(wěn)定

Countercyclical policy 逆周期政策

prudential regulation 審慎監(jiān)管

Policy rate 政策利率

Market rate 市場(chǎng)利率

Managing the hierarchy 管理系統(tǒng)

Lender of the resort 最后貸款人

lender of last resort 最后交易商

Term structure of interest rate 利率的期限結(jié)構(gòu)

What Is Expectations Theory?

Expectations theory attempts to predict what short-term interest rates will be in the future based on current long-term interest rates. The theory suggests that an investor earns the same interest by investing in two consecutive one-year bond investments versus investing in one two-year bond today.1 The theory is also known as the "unbiased expectations theory."