Par Bond Yield Curve - Tulane University：平价债券收益率曲线-杜兰大学

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独特形态的多糖[发明专利]

专利名称：独特形态的多糖
专利类型：发明专利
发明人：J.D.伦多诺,N.贝哈布图,D.M.斯科特,Y.布伦申请号：CN201880085753.3
申请日：20181106
公开号：CN111566128A
公开日：
20200821
专利内容由知识产权出版社提供
摘要：本文公开了包含具有α‑1，3‑糖苷键的不溶性α‑葡聚糖的聚集体的组合物。

这些聚集体的平均流体动力学半径为约50nm至约300nm，并且分形维数为约1.6至约2.4。

在一些公开的方面，不溶的α‑葡聚糖聚集体是树状的。

还公开了制备这些组合物的方法。

申请人：杜邦工业生物科学美国有限责任公司
地址：美国特拉华州
国籍：US
代理机构：中国专利代理(香港)有限公司
更多信息请下载全文后查看。

第二类皮奥拉-基尔霍夫应力

第二类皮奥拉-基尔霍夫应力
《高级宏观经济学》是一本关于新凯恩斯主义理论的经济学著作，作者是美国哥伦比亚大学的经济学家保罗·罗默。

该书在宏观经济学领域有很高的声誉，是一份详细阐述新凯恩斯主义宏观经济学的全面指南。

新凯恩斯主义是一种对凯恩斯主义的进一步发展，认为在短期内宏观经济政策才有可能影响经济增长和就业。

新凯恩斯主义主张采取积极的货币和财政政策，以控制失业率和通货膨胀。

它的理论关注市场失灵和信息不对称的影响，认为政府可以通过干预市场来促进贸易，而这也体现了罗默等学者对政府干预市场的积极支持。

总之，通过学习《高级宏观经济学》可以更好地了解新凯恩斯主义宏观经济学的理论和实践，以及政府在促进经济增长和就业方面的作用。

布雷迪债券

洲货币借入的银团贷款。在20世纪80年代初的很多发展中国家因外汇枯竭而无力偿还这些贷款。为恢复金融界对借款国的信心，当时的美国财长于1989年提出了一项计划将大部分这种债务转换成由美国财政部支持的可转换债券。
定
义
这是以美国财政部部长尼古拉斯· 布雷迪（Nicholas Brady）的名字命名的一种债券，把发展中国家现有的债务转为新的债务时产生的一种债券。这种新债券与原来的债券相比,面值较小或名义利率较低, 但通过对其本金和(或)部分利息提供抵押担保等方式可以提高。
特点布雷迪债券的担保机制非常有特色它是由债务国政府提供一笔美元用于购买美国国债然后将所购买的美国国债存入一个特殊目的的帐户该帐户提供一种条件成就交付escrow的服务也即如果债务国政府违约投资者可以从该帐户中取得赔偿
布雷迪债券
Brady Bonds
目录
布雷迪债券的定义
布雷迪债券的发行布雷迪债券的特点
谢
谢
发
行
通常的做法是：由债务国政府发行美元债券 (Brady Bonds)，然后将其与国际商业银行持有的美元贷款交换，国际商业银行将换回的美元债券在市场出售给投资者收回贷款。
特
点
布雷迪债券的设计有这么几个特点： 1、期限比原有的贷款期限要长得多; 2、利率也比原有贷款要低很多; 3、拥有特殊的担保机制。
特
点
布雷迪债券的担保机制非常有特色，它是由债务国政府提供一笔美元用于购买美国国债，然后将所购买的美国国债存入一个特殊目的的帐户，该帐户提供一种条件成就交付(escrow)的服务，也即如果债务国政府违约，投资者可以从该帐户中取得赔偿。由于布雷迪债券具有特定的美元帐户担保，因而其信誉级别很高，很受投资者青睐，但对一个负债累累的债务国政府来说，要拿出一笔巨额美元来做为担保实属不易，这也就降低了布雷迪债券的使用范围。从1996年开始，随着有些签发达国家财政金融状况的改善，巴西、波兰、墨西哥等国开始发行主权债券，并开展主权债券与布雷迪债券的互换业务，这是目前债务互换的新发展。

量子力学英文名词

probability density probability wave normalizing condition Schrödinger equation stationary state stationary Schrödinger equation
势阱
对应原理
隧道效应
能量量子化
Paulaser 泡利不相容原理激光自发辐射受激辐射氦氖激光器红宝石激光器
He-Ne laser
Pfund series Bohr quantization condition Bohr hydrogen atom Bohr frequency condition Bohr radius energy level
energy quantum photoelectric effect photo electron photocurrent cutoff potential difference red-limit wave-particle dualism
康普顿效应康普顿散射康普顿波长反冲电子莱曼系帕邢系布拉开系
主量子数
角动量量子化
potential well
correspondence principle
tunneling effect
energy quantization
principal quantum number
angular quantization
角量子数空间量子化磁量子数电子自旋自旋量子数自旋磁量子数
Stefan-Boltzmann law Stefan constant Wien displacement law Rayleigh-Jens formula Planck radiation formula Planck constant

免疫学中的矩形双曲线

矩形双曲线的形状是一个类似于矩形的双曲线，通常呈现出一个上升的曲线段，然后趋于平缓或饱和。曲线的斜率表示了抗体与抗原结合的速率，而曲线的饱和程度表示了抗体与可以了解抗体与抗原之间的结合特性，包括亲和力的强弱、饱和程度以及其他相关参数。这对于研究免疫反应、抗体疗法以及疫苗开发等方面具有重要意义。
免疫学中的矩形双曲线
在免疫学中，矩形双曲线（rectangular hyperbola）是一种用于描述抗体与抗原结合的关系的数学模型。它也被称为抗体结合曲线（binding curve）或抗体结合饱和曲线（ saturation curve）。
矩形双曲线通常用于描述抗体与抗原之间的亲和力（affinity）或亲和度（avidity）。亲和力是指抗体与抗原结合的强度，而亲和度则是指抗体与抗原结合的稳定性和持久性。

紧致超曲面上的谱(英文)

紧致超曲面上的谱(英文)
徐森林;张运涛
【期刊名称】《应用数学》
【年(卷),期】2000(13)4
【摘要】设 M是 Sn+1 ( 1 )上的紧致极小超曲面 ,M1 ,n- 1 是 S(n+1 ) ( 1 )上的Clifford极小超曲面 .若它们的谱相同 ,则它们是等距的 .对于 S(n+1 ) ( 1 )上的紧致常平均曲率超曲面和 H ( r) -环。

【总页数】6页(P54-59)
【关键词】LAPLACE算子;谱;紧致超曲面;紧致常平均曲率
【作者】徐森林;张运涛
【作者单位】中国科技大学数学系
【正文语种】中文
【中图分类】O186.11
【相关文献】
1.欧氏空间中紧致连通的外在对称子流形在一个超球面上 [J], 谢敬然
2.紧致极小超曲面上Laplace算子的谱(英文) [J], 徐森林;倪轶龙
3.球面上紧致子流形的等谱问题(英文) [J], 徐森林;张华明
4.关于Clifford极小超曲面上的谱(英文) [J], 徐森林;夏青岚
5.欧氏超曲面上的一类紧致梯度Ricci孤立子 [J], 王爱蕊; 马赛飞
因版权原因，仅展示原文概要，查看原文内容请购买。

高分子物理常见名词释义

高分子物理常见名词Θ溶剂(Θ solvent)：链段-溶剂相互吸引刚好抵消链段间空间排斥的溶剂，形成高分子溶液时观察不到远程作用，该溶剂中的高分子链的行为同无扰链Θ温度(Θ temperature)：溶剂表现出Θ溶剂性质的温度Argon理论(Argon theory)：一种银纹扩展过程的模型，描述了分子链被伸展将聚合物材料空化的过程Avrami方程(Avrami equation)：描述物质结晶转化率与时间关系的方程：Kt-α，α为转化率，K与n称Avrami常数(Avrami constants) =-1n)exp(Bingham流体(Bingham liquid)：此类流体具有一个屈服应力σy，应力低于σy时不产生形变，当应力大于σy时才发生流动，应力高于σy的部分与应变速率呈线性关系Boltzmann叠加原理(Blotzmann superposition principle)：Boltzmann提出的粘弹性原理：认为样品在不同时刻对应力或应变的响应各自独立并可线性叠加Bravais晶格(Bravais lattice)：结构单元在空间的排列方式Burger's模型(Burger's model)：由一个Maxwell模型和一个Kelvin模型串联构成的粘弹性模型Cauchy应变(Cauchy strain)：拉伸引起的相对于样品初始长度的形变分数，又称工程应变Charpy冲击测试(Charpy impact test)：样品以简支梁形式放置的冲击强度测试，测量样品单位截面积的冲击能Considère构图(Considère construction)：以真应力对工程应作图以判定细颈稳定性的方法Eyring模型(Eyring model)：一种描述材料形变过程的分子模型，认为形变是结构单元越过能垒的跳跃式运动Flory-Huggins参数(Flory-Huggins interaction parameter)：描述聚合物链段与溶剂分子间相互作用的参数，常用χ表示，物理意义为一个溶质分子被放入溶剂中作用能变化与动能之比2.11.2Flory构图(Flory construction)：保持固定拉伸比所需的力f对实验温度作图得到，由截距确定内能对拉伸力的贡献，由斜率确定熵对拉伸力的贡献Flory特征比(characteristic ratio)：无扰链均方末端距与自由连接链均方末端距的比值Griffith理论(Griffith theory)：一种描述材料断裂机理的理论，认为断裂是吸收外界能量产生新表面的过程Hencky应变(Hencky strain)：拉伸引起的相对于样品形变分数积分，又称真应变Hermans取向因子(Hermans orientation factor)：描述结构单元取向程度的参数，是结构单元与参考方向夹角余弦均方值的函数Hoffman-Weeks作图法(Hoffman-Weeks plot)：一种确定平衡熔点的方法。

CFA一级笔记-第八部分固定收益证券

CFA一级考试知识点第八部分固定收益证券债券五类主要发行人超国家组织supranational organizations，收回贷款和成员国股金还款主权（国家）政府sovereign/national governments，税收、印钞还款非主权（地方）政府non-sovereign/local governments（美国各州），地方税收、融资、收费。

准政府机构quasi-governments entities（房利美、房地美）公司（金融机构、非金融机构）经营现金流还款Maturity到期时间、tenor剩余到期时间小于一年是货币市场证券、大于一年是资本市场证券、没有明确到期时间是永续债券。

计算票息需要考虑付息频率，未明确的默认半年一次付息。

双币种债券dual-currency bonds支付票息时用A货币，支付本金时用B货币。

外汇期权债券currency option bongds给予投资人选择权，可以选择本金或利息币种。

本金偿还形式子弹型债券bullet bond，本金在最后支付。

也称为plain vanilla bond（香草计划债券）摊销性债券amortizing bond，分为完全摊销和部分摊销。

偿债基金条款sinking found provision，也是提前收回本金的方式，债券发行方在存续期间定期提前偿还部分本金，例如每年偿还本金初始发行额的6%。

票息支付形式固定票息债券fixed-rate coupon bonds，零息债券会折价发行，面值与发行价之差就是利息，零息债券也称为纯贴现债券pure discount bond。

梯升债券step – up coupon bonds票息上升递延债券deferred coupon bonds/split coupon bonds，期初几年不支付，后期才开始支付票息。

（前期资金紧张或研发型项目）实物支持债券payment-in-kind/PIK coupon bonds票息不是现金，而是实物。

霍金的议论文

霍金的议论文引言斯蒂芬·霍金（Stephen Hawking）是20世纪最伟大的科学家之一，他以他的才智和智慧，让广大人类对宇宙和时间的本质有了更深刻的认识。

本文将讨论霍金在他的一些论文中对于宇宙和时空的独到见解。

1. 黑洞和信息悖论在霍金的议论文中，他对于黑洞和信息悖论进行了深入的研究。

霍金通过理论物理和数学模型的分析，提出了黑洞会吸收所有进入其范围的物质，但在此过程中却会丧失掉原本存在于物质中的信息，这与信息的守恒定律相悖。

霍金认为黑洞会产生一种新的辐射，即霍金辐射，这种辐射能够携带黑洞中的信息并逃离黑洞，从而解决了信息悖论的问题。

霍金的议论在当时引起了广大科学家们的极大关注，并且霍金辐射的理论也得到了实验证实。

这一发现对于我们对于宇宙的理解产生了深远的影响，同时也对于黑洞的研究提供了重要的线索。

2. 宇宙的起源与终结霍金在其议论文中还探讨了宇宙的起源与终结的问题。

他认为宇宙是由一次大爆炸——即大爆炸理论所引发的，这个理论也被称为宇宙大爆炸理论或宇宙膨胀理论。

根据这一理论，宇宙在起源时是一个非常微小和高度密集的点，随着时间的推移，宇宙逐渐膨胀，并且继续扩展至今。

然而，霍金认为宇宙并不是一个无限持续扩张的过程，而是有一个终结的，即宇宙膨胀将会逐渐减缓，最终停止，然后进入一个收缩阶段，直到最终崩溃。

他提出了宇宙大崩溃理论，即大爆炸之后的宇宙会再次崩溃成一个微小而高度密集的点。

这一理论在当时引起了一些争议，但也受到了广大科学家们的认可和探讨。

它给人们提供了对宇宙命运的新思考，使我们对宇宙的起源和未来更加深入地理解。

3. 时间的本质时空是霍金议论文的重要研究内容之一。

霍金利用数学工具和物理学原理解释了时间的起源和本质。

他认为时间在宇宙大爆炸之前是不存在的，时间的概念是随着宇宙的产生而出现的。

霍金还提出了时间的箭头理论，即时间只能单向流动，不可能逆转，这解释了为什么我们不能回到过去。

在时间的本质研究中，霍金还提出了著名的黑洞信息悖论。

短期与长期菲力普曲线自然失业率的变动

預期通貨膨脹率
通貨膨脹與失業的短期取捨
錨點：自然失業率=6%，預期通貨膨脹率=3%/年
4. 短期菲力普曲線顯示通貨膨脹與失業之間的取捨
失業率(%)
自然失業率
32.1 短期菲力普曲線
總合供給與短期菲力普曲線
沿著總合供給曲線，名目工資固定不變，當物價水準上漲，則實質工資下跌而實質工資下跌，勞動受僱數量增加，於是實質 GDP 供給量增加物價水準上漲代表通貨膨脹上升，而勞動受僱數量增加代表失業率下降
32.1 短期菲力普曲線
失業與實質 GDP
在充分就業下，實質 GDP 等於 GDP 潛能，失業率等於自然失業率
如果實質 GDP 高於 GDP 潛能，則就業數量高於充分就業水準，失業率低於自然失業率
32.1 短期菲力普曲線
如果實質 GDP 低於 GDP 潛能，則就業數量低於充分就業水準，失業率高於自然失業率
之後通貨膨脹加速
短期下，由於名目工資的僵固，通貨膨脹率增加導致失業率下跌 — 經濟沿著 SRPC0 移至 B 點
失業率(%)
32.2 短期與長期菲力普曲線
最後，人們預期的通貨膨脹率上升，名目工資上漲，短期菲力普曲線上移至 SRPC1 在較高的預期通貨膨脹率下，失業率回復至自然失業率 — 經濟由 B 點移至 C 點
短期政策的取捨
CHAPTER
32
CHAPTER CHECKLIST
學習本章後，您將能：
1
描述通貨膨脹與失業在短期下的取捨區別短期與長期的菲力普曲線解釋聯邦準備組織如何影響預期的通貨膨脹率，以及預期的通貨膨脹對短期取捨的影響
2
3
32.1 短期菲力普曲線
短期菲力普曲線
代表自然失業率與預期通貨膨脹率不變下，通貨膨脹率與失業率的關係

般均衡论和福利经济学84页PPT文档

结论是：该市场的需求和供给曲线共同决定了市场的均衡价格和均衡数量。
2019/11/21
chenhongephd163
一般均衡论是将所有相互联系的各个单个市场看成一个整体加以考察。即，在一般均衡分析中，每一个商品的需求和供给不仅取决于该商品本身的价格，而且也取决于所有其他商品（比如替代品或互补品）的价格。
交换和生产的最优条件
考虑两种既定数量的商品在两个消费者之间的
分配问题。
埃奇渥斯盒状图点a
XB
OB
XA+XB=X′
YA
·a
YB
YA+YB=Y′
OA
XA
图9－2 埃奇渥斯盒状图
2019/11/21
chenhongephd163
a点对应于消费者A的消费量（XA，YA）和消费者B的消费量（XB，YB），且有上式成立，盒子（包括边界）确定了两种物品在两个消费
一、实证经济学与规范经济学
描述，“是什么？” 实证经济学解释，“为什么？”
预测，“将会发生什么？规范经济学：应当是什么？比如，一般均衡是存在的，但是这种一般均衡
状态是不是“最优”的呢？有没有更好的经济状态，使整社会的“福利”
更大一些呢？
2019/11/21
chenhongephd163
这种以帕累托标准来衡量为“好”的状态改变为帕累托改进。（利己不损人）
2019/11/21
chenhongephd163
帕累托最优状态如果对于某种既定的资源配置状态，所有的帕累托改进均不存在，即在该状态上，任何改变都不可能使至少一个人的状态变“好”而又不使任何人的状态变“坏”，则称这种资源配置状态为帕累托最优状态。

Par Bond Yield Curve - Tulane University：平价债券收益率曲线-杜兰大学

Par Bond Yield Curve - Tulane University：平价债券收益率曲线-杜兰大学Par Bond Yield CurveSometimes, it is helpful to draw a yield curve consisting entirelyof bonds that are selling at par value.This might be helpful if we want to issue a bond at par, and priceit as some spread over a comparable Treasury bond.Remember that when a bond is selling at par, its BEY equals itscoupon rate. So we need to find what the coupon payments would be forpar bonds if they were being sold. We use a form of bootstrapping to do this, making use of the theoretical zero-coupon spot rates that we calculated through bootstrapping.We start with a six-month bondIf a 6-mo. bond is issued to sell at par, what is its coupon payment?100 = c + 1001 + z 1We get z from our theoretical spot rates 1z = 4.0% 1100 = 100 + c , c = 41.04A 1-yr. bond is issued at par. What is its coupon?100 = _c_ + 100 + c 21.04 (1.0415)Solve for c:100 = .9615 c + .9219 (100+c)= .9615 c + .9219 c + 92.197.81 = 1.8834 cc = 7.811.8834c = 4.147 , coupon rate = 8.294% = YTM12-year Bond:100 = _c_ + _c_ + _c_ + 100 + c 234 1.04 (1.0415) (1.04465) (1.04624) Solve for c:c = 4.60 , coupon rate = 9.2% = YTMSince the bonds sell at par, the coupon rate always equals the yield and we can draw our par bond yield curve from the coupon rates we are calculating.2。

分数布朗运动环境下欧式篮子期权定价

ｓｔａｎｔ．ＴｈｅｐｒｉｃｉｎｇｆｏｒｍｕｌａｅｆｏｒｇｅｏｍｅｔｒｉｃＥｕｒｏｐｅａｎｂａｓｋｅｔｏｐｔｉｏｎｗａｓｏｂｔａｉｎｅｄｂｙｕｓｉｎｇｆｒａｃ —
ｔｉｏｎａｌＢｒｏｗｎｉａｎｍｏｔｉｏｎｓｔｏｃｈａｓｔｉｃａｎａｌｙｓｉｓｔｈｅｏｒｙａｎｄｔｈｅａｃｔｕａｒｉａｌａｐｐｒｏａｃｈ．ＴｈｅｒｅｓｕｌｔｗａｓｔｈｅｆｏｒｍｕｌａｏｆＥｕｒｏｐｅａｎｂａｓｋｅｔｏｐｔｉｏｎｐｉｃｒｉｎｇｕｎｄｅｒＢｒｏｗｎｉａｎｍｏｔｉｏｎｅｎｖｉｒｏｎｍｅｎｔｗｈｅｎＨ＝
公式．且当指数Ｈ＝１／２时，结论为标准布朗运动下的欧式篮子期权定价公式．
关键词：欧式几何篮子期权；分数布朗运动；保险精算
中图分类号：０２１１文献标识码：Ａ文章编号：１６７２— ０９４６（２０１３）０５— ０５９８— ０２
Ａｂｓｔｒａｃｔ：ＦｒａｃｔｉｏｎａｌＢｒｏｗｎｉａｎｍｏｔｉｏｎｗｈｉｃｈｈａｄｓｅｌｆ — ｓｉｍｉｌａｒｉｔｙａｎｄｌｏｎｇ — ｒａｎｇｅｃｏｒｒｅｌａｔｉｏｎ，ＳＯｉｔｗａｓｂｅｔｔｅｒｆｏｒｉｎｆａｎｃｉａｌｍａｒｋｅｔｂｙＦｒａｃｔｉｏｎａｌＢｒｏｗｎｉａｎｍｏｔｉｏｎｔｏｄｅｓｃｉｂｒｅｔｈｅｃｈａｎｇｅｓｏｆａｓｓｅｔｐｉｃｒｅｓ．Ａｃｔｕａｉａｒｌａｐｐｒｏａｃｈｔｒａｎｓｆｏｒｍｅｄｏｐｔｉｏｎｐｉｃｒｉｎｇｐｒｏｂｌｅｍｉｎｔｏｄｅｔｅｍｉｒｎａｔｉｏｎｏｆｔｈｅｅｑｕｉｖａｌｅｎｔｆａｉｒｉｎｓｕｒａｎｃｅｐｒｅｍｉｕｍｓ，ｉｔｗａｓｅｆｆｅｃｔｉｖｅｆｏｒａｎｙｍａｒｋｅｔ．ＴｈｉｓｐａｐｅｒａｓｓｕｍｅｄｔｈａｔｔｈｅｓｔｏｃｋｐｉｃｒｅｐｒｏｃｅｓｓｓａｔｉｓｉｅｆｄｔｈｅｓｔｏｃｈａｓｔｉｃｄｉｆｆｅｒｅｎｔｉａｌｅｑｕａｔｉｏｎｄｉｖｒｅｎｂｙｔｈｅｒａｆｃｔｉｏｎａｌＢｒｏｗｎｉａｎｍｏｔｉｏｎ，ｔｈｅｅｘｐｅｃｔｅｄｏｆｒｅｔｕｒｎ，ｔｈｅｉｓｒｋｆｒｅｅｉｎｔｅｒｅｓｔｒａｔｅａｎｄｔｈｅｖｏｌａｔｉｌｉｔｙａｒｅｃｏｎ —

投资学第7版Test Bank答案

Multiple Choice Questions1. The term structure of interest rates is:A) The relationship between the rates of interest on all securities.B) The relationship between the interest rate on a security and its time to maturity.C) The relationship between the yield on a bond and its default rate.D) All of the above.E) None of the above.Answer: B Difficulty: EasyRationale: The term structure of interest rates is the relationship between two variables, years and yield to maturity (holding all else constant).2. The yield curve shows at any point in time:A) The relationship between the yield on a bond and the duration of the bond.B) The relationship between the coupon rate on a bond and time to maturity of thebond.C) The relationship between yield on a bond and the time to maturity on the bond.D) All of the above.E) None of the above.Answer: C Difficulty: Easy3. An inverted yield curve implies that:A) Long-term interest rates are lower than short-term interest rates.B) Long-term interest rates are higher than short-term interest rates.C) Long-term interest rates are the same as short-term interest rates.D) Intermediate term interest rates are higher than either short- or long-term interestrates.E) none of the above.Answer: A Difficulty: EasyRationale: The inverted, or downward sloping, yield curve is one in which short-term rates are higher than long-term rates. The inverted yield curve has been observedfrequently, although not as frequently as the upward sloping, or normal, yield curve.4. An upward sloping yield curve is a(n) _______ yield curve.A) normal.B) humped.C) inverted.D) flat.E) none of the above.Answer: A Difficulty: EasyRationale: The upward sloping yield curve is referred to as the normal yield curve, probably because, historically, the upward sloping yield curve is the shape that has been observed most frequently.5. According to the expectations hypothesis, a normal yield curve implies thatA) interest rates are expected to remain stable in the future.B) interest rates are expected to decline in the future.C) interest rates are expected to increase in the future.D) interest rates are expected to decline first, then increase.E) interest rates are expected to increase first, then decrease.Answer: C Difficulty: EasyRationale: An upward sloping yield curve is based on the expectation that short-term interest rates will increase.6. Which of the following is not proposed as an explanation for the term structure ofinterest ratesA) The expectations theory.B) The liquidity preference theory.C) The market segmentation theory.D) Modern portfolio theory.E) A, B, and C.Answer: D Difficulty: EasyRationale: A, B, and C are all theories that have been proposed to explain the term structure.7. The expectations theory of the term structure of interest rates states thatA) forward rates are determined by investors' expectations of future interest rates.B) forward rates exceed the expected future interest rates.C) yields on long- and short-maturity bonds are determined by the supply and demandfor the securities.D) all of the above.E) none of the above.Answer: A Difficulty: EasyRationale: The forward rate equals the market consensus expectation of future short interest rates.8. Which of the following theories state that the shape of the yield curve is essentiallydetermined by the supply and demands for long-and short-maturity bondsA) Liquidity preference theory.B) Expectations theory.C) Market segmentation theory.D) All of the above.E) None of the above.Answer: C Difficulty: EasyRationale: Market segmentation theory states that the markets for different maturities are separate markets, and that interest rates at the different maturities are determined by the intersection of the respective supply and demand curves.9. According to the "liquidity preference" theory of the term structure of interest rates, theyield curve usually should be:A) inverted.B) normal.C) upward slopingD) A and B.E) B and C.Answer: E Difficulty: EasyRationale: According to the liquidity preference theory, investors would prefer to be liquid rather than illiquid. In order to accept a more illiquid investment, investors require a liquidity premium and the normal, or upward sloping, yield curve results.Use the following to answer questions 10-13:Suppose that all investors expect that interest rates for the 4 years will be as follows:10. What is the price of 3-year zero coupon bond with a par value of $1,000A) $B) $C) $D) $E) none of the aboveAnswer: B Difficulty: ModerateRationale: $1,000 / = $11. If you have just purchased a 4-year zero coupon bond, what would be the expected rateof return on your investment in the first year if the implied forward rates stay the same (Par value of the bond = $1,000)A) 5%B) 7%C) 9%D) 10%E) none of the aboveAnswer: A Difficulty: ModerateRationale: The forward interest rate given for the first year of the investment is given as 5% (see table above).12. What is the price of a 2-year maturity bond with a 10% coupon rate paid annually (Parvalue = $1,000)A) $1,092B) $1,054C) $1,000D) $1,073E) none of the aboveAnswer: D Difficulty: ModerateRationale: []1/2 - 1 = 6%; FV = 1000, n = 2, PMT = 100, i = 6, PV = $1,13. What is the yield to maturity of a 3-year zero coupon bondA) %B) %C) %D) %E) none of the aboveAnswer: C Difficulty: ModerateRationale: []1/3 - 1 = .Use the following to answer questions 14-16:The following is a list of prices for zero coupon bonds with different maturities and par value of $1,000.14. What is, according to the expectations theory, the expected forward rate in the thirdyearA) %B) %C) %D) %E) none of the aboveAnswer: C Difficulty: ModerateRationale: / - 1 = 9%15. What is the yield to maturity on a 3-year zero coupon bondA) %B) %C) %D) %E) none of the aboveAnswer: C Difficulty: ModerateRationale: (1000 / 1/3 -1 = %16. What is the price of a 4-year maturity bond with a 12% coupon rate paid annually (Parvalue = $1,000)A) $B) $1,C) $1,D) $1,E) none of the aboveAnswer: D Difficulty: DifficultRationale: (1000 / 1/4 -1 = %; FV = 1000, PMT = 120, n = 4, i = , PV = $1,17. The market segmentation theory of the term structure of interest ratesA) theoretically can explain all shapes of yield curves.B) definitely holds in the "real world".C) assumes that markets for different maturities are separate markets.D) A and B.E) A and C.Answer: E Difficulty: EasyRationale: Although this theory is quite tidy theoretically, both investors and borrows will depart from their "preferred maturity habitats" if yields on alternative maturities are attractive enough.18. An upward sloping yield curveA) may be an indication that interest rates are expected to increase.B) may incorporate a liquidity premium.C) may reflect the confounding of the liquidity premium with interest rateexpectations.D) all of the above.E) none of the above.Answer: D Difficulty: EasyRationale: One of the problems of the most commonly used explanation of termstructure, the expectations hypothesis, is that it is difficult to separate out the liquidity premium from interest rate expectations.19. The "break-even" interest rate for year n that equates the return on an n-periodzero-coupon bond to that of an n-1-period zero-coupon bond rolled over into a one-year bond in year n is defined asA) the forward rate.B) the short rate.C) the yield to maturity.D) the discount rate.E) None of the above.Answer: A Difficulty: EasyRationale: The forward rate for year n, fn, is the "break-even" interest rate for year n that equates the return on an n-period zero- coupon bond to that of an n-1-periodzero-coupon bond rolled over into a one-year bond in year n.20. When computing yield to maturity, the implicit reinvestment assumption is that theinterest payments are reinvested at the:A) Coupon rate.B) Current yield.C) Yield to maturity at the time of the investment.D) Prevailing yield to maturity at the time interest payments are received.E) The average yield to maturity throughout the investment period.Answer: C Difficulty: ModerateRationale: In order to earn the yield to maturity quoted at the time of the investment, coupons must be reinvested at that rate.21. Which one of the following statements is trueA) The expectations hypothesis indicates a flat yield curve if anticipated futureshort-term rates exceed the current short-term rate.B) The basic conclusion of the expectations hypothesis is that the long-term rate isequal to the anticipated long-term rate.C) The liquidity preference hypothesis indicates that, all other things being equal,longer maturities will have lower yields.D) The segmentation hypothesis contends that borrows and lenders are constrained toparticular segments of the yield curve.E) None of the above.Answer: D Difficulty: ModerateRationale: A flat yield curve indicates expectations of existing rates. Expectations hypothesis states that the forward rate equals the market consensus of expectations of future short interest rates. The reverse of C is true.22. The concepts of spot and forward rates are most closely associated with which one ofthe following explanations of the term structure of interest rates.A) Segmented Market theoryB) Expectations HypothesisC) Preferred Habitat HypothesisD) Liquidity Premium theoryE) None of the aboveAnswer: B Difficulty: ModerateRationale: Only the expectations hypothesis is based on spot and forward rates. A andC assume separate markets for different maturities; liquidity premium assumes higheryields for longer maturities.Use the following to answer question 23:23. Given the bond described above, if interest were paid semi-annually (rather thanannually), and the bond continued to be priced at $850, the resulting effective annual yield to maturity would be:A) Less than 12%B) More than 12%C) 12%D) Cannot be determinedE) None of the aboveAnswer: B Difficulty: ModerateRationale: FV = 1000, PV = -850, PMT = 50, n = 40, i = (semi-annual); 2 - 1 = %.24. Interest rates might declineA) because real interest rates are expected to decline.B) because the inflation rate is expected to decline.C) because nominal interest rates are expected to increase.D) A and B.E) B and C.Answer: D Difficulty: EasyRationale: The nominal rate is comprised of the real interest rate plus the expectedinflation rate.25. Forward rates ____________ future short rates because ____________.A) are equal to; they are both extracted from yields to maturity.B) are equal to; they are perfect forecasts.C) differ from; they are imperfect forecasts.D) differ from; forward rates are estimated from dealer quotes while future short ratesare extracted from yields to maturity.E) are equal to; although they are estimated from different sources they both are usedby traders to make purchase decisions.Answer: C Difficulty: EasyRationale: Forward rates are the estimates of future short rates extracted from yields to maturity but they are not perfect forecasts because the future cannot be predicted with certainty; therefore they will usually differ.26. The pure yield curve can be estimatedA) by using zero-coupon bonds.B) by using coupon bonds if each coupon is treated as a separate "zero."C) by using corporate bonds with different risk ratings.D) by estimating liquidity premiums for different maturities.E) A and B.Answer: E Difficulty: ModerateRationale: The pure yield curve is calculated using zero coupon bonds, but coupon bonds may be used if each coupon is treated as a separate "zero."27. The on the run yield curve isA) a plot of yield as a function of maturity for zero-coupon bonds.B) a plot of yield as a function of maturity for recently issued coupon bonds trading ator near par.C) a plot of yield as a function of maturity for corporate bonds with different riskratings.D) a plot of liquidity premiums for different maturities.E) A and B.Answer: B Difficulty: Moderate28. The market segmentation and preferred habitat theories of term structureA) are identical.B) vary in that market segmentation is rarely accepted today.C) vary in that market segmentation maintains that borrowers and lenders will notdepart from their preferred maturities and preferred habitat maintains that marketparticipants will depart from preferred maturities if yields on other maturities areattractive enough.D) A and B.E) B and C.Answer: E Difficulty: ModerateRationale: Borrowers and lenders will depart from their preferred maturity habitats if yields are attractive enough; thus, the market segmentation hypothesis is no longerreadily accepted.29. The yield curveA) is a graphical depiction of term structure of interest rates.B) is usually depicted for U. S. Treasuries in order to hold risk constant acrossmaturities and yields.C) is usually depicted for corporate bonds of different ratings.D) A and B.E) A and C.Answer: D Difficulty: EasyRationale: The yield curve (yields vs. maturities, all else equal) is depicted for U. S.Treasuries more frequently than for corporate bonds, as the risk is constant acrossmaturities for Treasuries.Use the following to answer questions 30-32:30. What should the purchase price of a 2-year zero coupon bond be if it is purchased at thebeginning of year 2 and has face value of $1,000A) $B) $C) $D) $E) $Answer: A Difficulty: DifficultRationale: $1,000 / [] = $31. What would the yield to maturity be on a four-year zero coupon bond purchased todayA) %B) %C) %D) %E) none of the above.Answer: C Difficulty: ModerateRationale: [ ]1/4 - 1 = %32. Calculate the price at the beginning of year 1 of a 10% annual coupon bond with facevalue $1,000 and 5 years to maturity.A) $1,105B) $1,132C) $1,179D) $1,150E) $1,119Answer: B Difficulty: DifficultRationale: i = [ ]1/5 - 1 = %; FV = 1000, PMT = 100, n = 5, i = , PV = $1,33. Given the yield on a 3 year zero-coupon bond is % and forward rates of % in year 1and % in year 2, what must be the forward rate in year 3A) %B) %C) %D) %E) none of the above.Answer: B Difficulty: ModerateRationale: f3 = 3 / [ ] - 1 = %34. An inverted yield curve is oneA) with a hump in the middle.B) constructed by using convertible bonds.C) that is relatively flat.D) that plots the inverse relationship between bond prices and bond yields.E) that slopes downward.Answer: E Difficulty: EasyRationale: An inverted yield curve occurs when short-term rates are higher thanlong-term rates.35. Investors can use publicly available financial date to determine which of the followingI)the shape of the yield curveII)future short-term ratesIII)the direction the Dow indexes are headingIV)the actions to be taken by the Federal ReserveA) I and IIB) I and IIIC) I, II, and IIID) I, III, and IVE) I, II, III, and IVAnswer: A Difficulty: ModerateRationale: Only the shape of the yield curve and future inferred rates can be determined.The movement of the Dow Indexes and Federal Reserve policy are influenced by term structure but are determined by many other variables also.36. Which of the following combinations will result in a sharply increasing yield curveA) increasing expected short rates and increasing liquidity premiumsB) decreasing expected short rates and increasing liquidity premiumsC) increasing expected short rates and decreasing liquidity premiumsD) increasing expected short rates and constant liquidity premiumsE) constant expected short rates and increasing liquidity premiumsAnswer: A Difficulty: ModerateRationale: Both of the forces will act to increase the slope of the yield curve.37. The yield curve is a component ofA) the Dow Jones Industrial Average.B) the consumer price index.C) the index of leading economic indicators.D) the producer price index.E) the inflation index.Answer: C Difficulty: EasyRationale: Since the yield curve is often used to forecast the business cycle, it is used as one of the leading economic indicators.38. The most recently issued Treasury securities are calledA) on the run.B) off the run.C) on the market.D) off the market.E) none of the above.Answer: A Difficulty: EasyUse the following to answer questions 39-42:Suppose that all investors expect that interest rates for the 4 years will be as follows:39. What is the price of 3-year zero coupon bond with a par value of $1,000A) $B) $C) $D) $E) none of the aboveAnswer: A Difficulty: ModerateRationale: $1,000 / = $40. If you have just purchased a 4-year zero coupon bond, what would be the expected rateof return on your investment in the first year if the implied forward rates stay the same (Par value of the bond = $1,000)A) 5%B) 3%C) 9%D) 10%E) none of the aboveAnswer: B Difficulty: ModerateRationale: The forward interest rate given for the first year of the investment is given as 3% (see table above).41. What is the price of a 2-year maturity bond with a 5% coupon rate paid annually (Parvalue = $1,000)A) $1,B) $1,C) $1,D) $1,E) none of the aboveAnswer: C Difficulty: ModerateRationale: []1/2 - 1 = %; FV = 1000, n = 2, PMT = 50, i = , PV = $1,42. What is the yield to maturity of a 3-year zero coupon bondA) %B) %C) %D) 4%E) none of the aboveAnswer: D Difficulty: ModerateRationale: []1/3 - 1 = 4%.Use the following to answer questions 43-46:The following is a list of prices for zero coupon bonds with different maturities and par value of $1,000.43. What is, according to the expectations theory, the expected forward rate in the thirdyearA)B) %C) %D) %E) none of the aboveAnswer: B Difficulty: ModerateRationale: / - 1 = %44. What is the yield to maturity on a 3-year zero coupon bondA) %B) %C) %D) %E) none of the aboveAnswer: D Difficulty: ModerateRationale: (1000 / 1/3 -1 = %45. What is the price of a 4-year maturity bond with a 10% coupon rate paid annually (Parvalue = $1,000)A) $B) $1,C) $1,D) $1,E) none of the aboveAnswer: C Difficulty: DifficultRationale: (1000 / 1/4 -1 = %; FV = 1000, PMT = 100, n = 4, i = , PV = $1,46. You have purchased a 4-year maturity bond with a 9% coupon rate paid annually. Thebond has a par value of $1,000. What would the price of the bond be one year from now if the implied forward rates stay the sameA) $B) $1,C) $1,D) $1,E) none of the aboveAnswer: A Difficulty: DifficultRationale: / ]1/3 - = %; FV = 1000, PMT = 90, n = 3, i = , PV = $Use the following to answer question 47:47. Given the bond described above, if interest were paid semi-annually (rather thanannually), and the bond continued to be priced at $, the resulting effective annual yield to maturity would be:A) Less than 10%B) More than 10%C) 10%D) Cannot be determinedE) None of the aboveAnswer: B Difficulty: ModerateRationale: FV = 1000, PV = , PMT = 45, n = 36, i = (semi-annual); 2 - 1 = %.Use the following to answer questions 48-50:48. What should the purchase price of a 2-year zero coupon bond be if it is purchased at thebeginning of year 2 and has face value of $1,000A) $B) $C) $D) $E) $Answer: D Difficulty: DifficultRationale: $1,000 / [] = $49. What would the yield to maturity be on a four-year zero coupon bond purchased todayA) %B) %C) %D) %E) none of the above.Answer: A Difficulty: ModerateRationale: [ ]1/4 - 1 = %50. Calculate the price at the beginning of year 1 of an 8% annual coupon bond with facevalue $1,000 and 5 years to maturity.A) $1,B) $1,C) $1,D) $1,E) $Answer: C Difficulty: DifficultRationale: i = [ ]1/5 - 1 = 6%; FV = 1000, PMT = 80, n = 5, i = 6, PV = $51. Given the yield on a 3 year zero-coupon bond is 7% and forward rates of 6% in year 1and % in year 2, what must be the forward rate in year 3A) %B) %C) %D) %E) none of the above.Answer: C Difficulty: ModerateRationale: f3 = 3 / [ ] - 1 = %Use the following to answer questions 52-61:52. What should the purchase price of a 1-year zero coupon bond be if it is purchased todayand has face value of $1,000A) $B) $C) $D) $E) $Answer: D Difficulty: DifficultRationale: $1,000 / = $53. What should the purchase price of a 2-year zero coupon bond be if it is purchased todayand has face value of $1,000A) $B) $C) $D) $E) $Answer: B Difficulty: DifficultRationale: $1,000 / [] = $54. What should the purchase price of a 3-year zero coupon bond be if it is purchased todayand has face value of $1,000A) $B) $C) $D) $E) $Answer: E Difficulty: DifficultRationale: $1,000 / [] = $55. What should the purchase price of a 4-year zero coupon bond be if it is purchased todayand has face value of $1,000A) $B) $C) $D) $E) $Answer: B Difficulty: DifficultRationale: $1,000 / [] = $56. What should the purchase price of a 5-year zero coupon bond be if it is purchased todayand has face value of $1,000A) $B) $C) $D) $E) $Answer: A Difficulty: DifficultRationale: $1,000 / [] = $57. What is the yield to maturity of a 1-year bondA) %B) %C) %D) %E) %Answer: A Difficulty: ModerateRationale: % (given in table)58. What is the yield to maturity of a 5-year bondA) %B) %C) %D) %E) %Answer: C Difficulty: ModerateRationale: []1/5 -1 = %59. What is the yield to maturity of a 4-year bondA) %B) %C) %D) %E) %Answer: C Difficulty: ModerateRationale: []1/4 -1 = %60. What is the yield to maturity of a 3-year bondA) %B) %C) %D) %E) %Answer: B Difficulty: ModerateRationale: []1/3 -1 = %61. What is the yield to maturity of a 2-year bondA) %B) %C) %D) %E) %Answer: D Difficulty: ModerateRationale: []1/2 -1 = %Essay Questions62. Discuss the three theories of the term structure of interest rates. Include in yourdiscussion the differences in the theories, and the advantages/disadvantages of each.Difficulty: ModerateAnswer:The expectations hypothesis is the most commonly accepted theory of term structure.The theory states that the forward rate equals the market consensus expectation of future short-term rates. Thus, yield to maturity is determined solely by current and expected future one-period interest rates. An upward sloping, or normal, yield curve wouldindicate that investors anticipate an increase in interest rates. An inverted, or downward sloping, yield curve would indicate an expectation of decreased interest rates. Ahorizontal yield curve would indicate an expectation of no interest rate changes.The liquidity preference theory of term structure maintains that short-term investorsdominate the market; thus, in general, the forward rate exceeds the expected short-term rate. In other words, investors prefer to be liquid to illiquid, all else equal, and willdemand a liquidity premium in order to go long term. Thus, liquidity preference readily explains the upward sloping, or normal, yield curve. However, liquidity preferencedoes not readily explain other yield curve shapes.Market segmentation and preferred habitat theories indicate that the markets fordifferent maturity debt instruments are segmented. Market segmentation maintains that the rates for the different maturities are determined by the intersection of the supply and demand curves for the different maturity instruments. Market segmentation readilyexplains all shapes of yield curves. However, market segmentation is not observed in the real world. Investors and issuers will leave their preferred maturity habitats if yields are attractive enough on other maturities.The purpose of this question is to ascertain that students understand the variousexplanations (and deficiencies of these explanations) of term structure.63. Term structure of interest rates is the relationship between what variables What isassumed about other variables How is term structure of interest rates depictedgraphicallyDifficulty: ModerateAnswer:Term structure of interest rates is the relationship between yield to maturity and term to maturity, all else equal. The "all else equal" refers to risk class. Term structure ofinterest rates is depicted graphically by the yield curve, which is usually a graph of .governments of different yields and different terms to maturity. The use of .governments allows one to examine the relationship between yield and maturity,holding risk constant. The yield curve depicts this relationship at one point in time only.This question is designed to ascertain that students understand the relationshipsinvolved in term structure, the restrictions on the relationships, and how therelationships are depicted graphically.64. Although the expectations of increases in future interest rates can result in an upwardsloping yield curve; an upward sloping yield curve does not in and of itself imply the expectations of higher future interest rates. Explain.Difficulty: ModerateAnswer:The effects of possible liquidity premiums confound any simple attempt to extractexpectation from the term structure. That is, the upward sloping yield curve may be due to expectations of interest rate increases, or due to the requirement of a liquiditypremium, or both. The liquidity premium could more than offset expectations ofdecreased interest rates, and an upward sloping yield would result.The purpose of this question is to assure that the student understands the confounding of the liquidity premium with the expectations hypothesis, and that the interpretations of term structure are not clear-cut.65. Explain what the following terms mean: spot rate, short rate, and forward rate. Whichof these is (are) observable todayDifficulty: ModerateAnswer:From the answer to Concept Check 2, on page 516: “The n-period spot rate is the yield to maturity on a zero-coupon bond with a maturity of n periods. The short rate forperiod n is the one-period interest rate that will prevail in period n. The forward rate for period n is the short rate that would satisfy a “break-even condition” equating the total returns on two n-period investment strategies. The first strategy is an investment in an n-period zero-coupon bond. The second is an investment in an n-1 period zero-coupon bond “rolled over” into an investment in a one-period zero. Spot rates and forward rates are observable today, but because interest rates evolve with uncertainty, future short rates are not. In the special case in which there is no uncertainty in future interest rates, the forward rate calculated from the yield curve would equal the short rate that will prevail in that period.”This question checks whether the student understands the difference between each kind of rate.66. Answer the following questions that relate to bonds.• A 2-year zero-coupon bond is selling for $. What is the yield to maturity of this bond•The price of a 1-year zero coupon bond is $. What is the yield to maturity of this bond•Calculate the forward rate for the second year.•How can you construct a synthetic one-year forward loan (you are agreeing now to loan in one year) State the strategy and show the corresponding cash flows.Assume that you can purchase and sell fractional portions of bonds. Show allcalculations and discuss the meaning of the transactions.Difficulty: Difficult。

收入分配的帕累托最优曲线标准

押出去。人们还需要亲朋好友，需要参加社团活
动，需要一定的社会地位或自我表现的机会，同
时也需要得到社会的认可。 ⑨可见，亚当・斯密的人类“ 幸福 ” 可概括成人们 “ 五需要 ”的整体满足，即人们生理的、安全的、交往的、尊重的和自我价值实现的需要的满足。需要是主观的，对整体需要中各种需要满足的重要程度因人而异。但是，有一点是肯定的，即人们一般都会追求对各种需要满足的协调。比如，人类的幸福取决于物质性收入与非物质性收入的成比例。没有物质产品，人类无法生存。没有精神追求，宛如行尸走肉。二者皆无幸福可
收入分配的帕累托最优曲线标准
贺臻
（郑州航空工业管理学院，河南郑州４５００１５）
摘
要：收入分配合理与否的关键，一是积极的分配实践，二是科学的判断标准。目前，基
本上都是依附于统计的模型来衡量收入分配合理与否，因此，经常被批评为缺少经济理论的有力支持。文章依据帕累托最优理论，不仅为衡量收入分配的现有方法提供了坚强的经济理论
实际上，以横坐标表示生产者投入劳动的累积，纵坐标表示对应的产出（财富）累积。把社会
中全部劳动者的产出（财富收入）从大到小排列并累积，那么纵、横坐标轴对应的曲线便是社会总产出（财富收入）的累积曲线，而且边际产出（财富收入）符合递减规律，就是说，总产出（财富收入）的

帕累托三个式子分析简答题

帕累托三个式子分析简答题
帕累托三个式子最优（Pareto Optimality），也称为帕累托效率（Pareto efficiency），是指资源分配的一种理想状态，假定固有的一群人和可分配的资源，从一种分配状态到另一种状态的变化中，在没有使任何人境况变坏的前提下，使得至少一个人变得更好。

帕累托三个式子最优状态就是不可能再有更多的帕累托改进的余地；换句话说，帕累托改进是达到帕累托最优的路径和方法。

帕累托最优是公平与效率的“理想王国”。

从定义上讲，帕累托三个式子最优描述的是一种资源最优化配置的状态。

在帕累托最优的条件下，是没有办法在不让某一参与资源分配的一方利益受损的情况下，令另一方获得更大利益的。

简述帕累托标准的三个条件，要达到帕累托标准，必须满足三个条件:
（1）交换效率条件。

任何两种商品之间的商品替代率即边际替代率对任何两个消费者都相等。

（2）生产效率条件。

包括:①技术替代率条件，任意两种生产要素之间的技术替代率对任何使用这两种要素的两个生产品都相等:②产品转换率条件:③边际产品条件,如果任意两个生产者生产同一种商品时，每一种要素的边际产品均相等。

（3）交换和生产的总体效率条件。

任何两种商品的产品转换率等于它们的商品替代率。

美国聚合催化剂需求年增长率5％

美国聚合催化剂需求年增长率5％
佚名
【期刊名称】《精细石油化工进展》
【年(卷),期】2005(6)8
【摘要】据预测，今后几年内，美国聚合催化剂需求年增长率5％，需求增长主要由于聚合物生产发展较快以及高价值齐格勒-纳塔和单活性中心催化剂使用增多所驱动。

尤其是PP和LLDPE生产快速增长，刺激了对催化剂的需求。

【总页数】2页(P53-54)
【关键词】聚合催化剂;需求增长;年增长率;美国;单活性中心;LLDPE;生产发展;高价值;聚合物
【正文语种】中文
【中图分类】TQ325.1;F724.77
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收入分配的帕累托最优曲线标准

帕累托三个式子分析简答题

美国聚合催化剂需求年增长率5％

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