货币金融学第二课第7讲：央行的职能及其角色演化（Managing the Hie

央行的基本职能是什么？央行是如何调控货币的？Perry Mehrling讲得特别清楚，搞懂央行的逻辑，有助于把控市场周期。

Defend exchange rate 维持汇率稳定

Financial stability and Defend the mint par 维持银行系统的稳定

Economy stability 经济稳定

Countercyclical policy 逆周期政策

prudential regulation 审慎监管

Policy rate 政策利率

Market rate 市场利率

Managing the hierarchy 管理系统

Lender of the resort 最后贷款人

lender of last resort 最后交易商

Term structure of interest rate 利率的期限结构

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."