The answer is that you need to add "liquidity preference", the supply and demand for money.

答案就是，你要把“流动性偏好”，也就是对现金的需求和供给加入考虑。

Keynes thought this insight was especially important because of what he called "liquidity preference".

由于他称之为“流动性偏好”的原因，凯恩斯认为这种真知灼见非常重要。

It finds out that Chinese interest rate term structure is in line with traditional expectation theory and liquidity preference theory basically.

同时，经过分析认为我国的利率期限结构基本符合传统的预期理论和流动性偏好理论。

Theories on bond pricing include classical interest rate theory, liquidity preference theory, loanable fund theory and reasonable expectation theory.

债券价格的决定理论主要有古典利率理论、流动偏好理论、可贷资金理论和理性预期理论。

Post-Keynesian economists absorbed critically Keynes' Liquidity preference theory and merge it into the framework of the market forming the interest rate.

希克斯等后凯恩斯的代表人物对凯恩斯的“流动性偏好”利率理论进行了批评吸收，最终也将其纳入到市场决定利率的轨道之中。

So, according to the expectations theory augmented with liquidity preference — This strongly upward-sloping term structure in 2003 would reflect two things.

所以，根据结合了流动性偏好的，预期理论，2003年期限结构中表现出的，强烈上扬趋势反映了两方面的因素。

This paper starts off with analyzing the inherent logic of liquidity preference theory and presents a new interpretation of the theory in a more logical and clear manner.

本文尝试从流动性偏好理论自身的内在逻辑出发，对其进行全新的解读。

On the one hand, monetary trends have been influenced by considerable uncertainty in financial markets and therefore partly reflect a strong liquidity preference among investors.

一方面，货币供应量的走势受到了金融市场中巨大的不确定性的影响，因而在一定程度上反映了投资者对于流动资金的强烈偏好。

This liquidity-preference, as Keynes called it, governed the price of financial securities and hence the rate of interest.

这种凯恩斯所谓的流动性偏好控制金融证券的价格进而控制利率。

The widening gap between the Labour productivity increase and the consumption preference leads to the excess liquidity that feeds bubbles.

劳动生产率上升和消费偏好之间日益扩大的差距，会导致流动性过剩，从而催生泡沫。