负利率：为什么和如何？
Negative interest rates: why and how?
摘要：
利率（或名义收益率）可能为负，这是一个不可避免的事实，在大萧条（1929-39）期间已经可见。如今，我们可以通过审计等方式轻松找到负利率。可以提出一些如何建模并最终克服经验负利率的理论和实践想法，然而，它们远远超出了简单的实际实现。本文在二阶微分动力学中讨论了负利率产生的动力学原因以及负利率对利率过程的方差和期望的影响。这些问题非常实际，涉及银行部门和养老金证券等。
英文摘要：
The interest rates (or nominal yields) can be negative, this is an unavoidable fact which has already been visible during the Great Depression (1929-39). Nowadays we can find negative rates easily by e.g. auditing. Several theoretical and practical ideas how to model and eventually overcome empirical negative rates can be suggested, however, they are far beyond a simple practical realization. In this paper we discuss the dynamical reasons why negative interest rates can happen in the second order differential dynamics and how they can influence the variance and expectation of the interest rate process. Such issues are highly practical, involving e.g. banking sector and pension securities.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
