老师 labor productivity 和 per capita output是不是都是指 Y/L=y ?

再投资风险主导时 为什么利率下降 风险更大

老师好，原版书P741-P742， 这两张截图我有些地方不明白。1 公式10,11 → 这两个公式，我没看懂 2 原版书 中说 ：“ If the output-to-capital ratio is above its equilibrium level (ψ), the second term in Equations 10 and 11 is positive and the growth rates of output per capita and the capital-to-labor ratio are above the steady state rate [θ/(1 – α)]. This corresponds to a situation in which actual saving/investment exceeds required investment and abovetrend growth in per capita output is driven by an above-trend rate of capital deepening. This situation usually reflects a relatively low capital-to-labor ratio but could, at least in principle, arise from high TFP. Because α < 1, capital is growing faster than output and the output-to-capital ratio is falling. Over time, the growth rates of both output per capita and the capital-to-labor ratio decline to the steady state rate. 这一整段，我不是非常明白，麻烦给解释一下。多谢！

老师补充一下 clean price和full price的计算 我找不到

老师好，原版书P740中，这个depreciation rate 是什么呢？ 为什么depreciation rate的提高会降低capital-to-labor, 降低output-per-worker, 而提高steady state growth rate?

5我记得不是这个公式 上面就是v- -v

GTF是啥

老师，这个题目好奇怪，不是说revaluation不能超过原值嘛，那题干说以前年度没发生过减值，那这样的gain不就是超过原值了嘛？这是怎么回事？

请问第5题为什么选C不选B呢？谢谢

老师请问书本225页第二十三题答案. Intra- market carry trades typically do involve different maturities, but inter- market carry trades frequently do not, especially if the currency is not hedged.这里not hedged怎么理解？ if two curves are involved they need not have different slopes provided there is a difference in the level of yields between markets.是什么意思？ Inter- market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first- period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first- period” rate is the same in the two markets. If the cur-rency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate.这段不太明白是什么意思？