The Behavior of Interest Rates参考.ppt

Chapter 5 The Behavior of Interest Rates Summary Table 1 Response of the Quantity of an Asset Demanded to Changes in Wealth, Expected Returns, Risk, and Liquidity FIGURE 1 Supply and Demand for Bonds Summary Table 2 Factors That Shift the Demand Curve for Bonds FIGURE 2 Shift in the Demand Curve for Bonds Summary Table 3 Factors That Shift the Supply of Bonds FIGURE 3 Shift in the Supply Curve for Bonds FIGURE 4 Response to a Change in Expected Inflation FIGURE 5 Expected Inflation and Interest Rates (Three-Month Treasury Bills), 1953–2008 Source: Expected inflation calculated using procedures outlined in Frederic S. Mishkin, “The Real Interest Rate: An Empirical Investigation,” Carnegie-Rochester Conference Series on Public Policy 15 (1981): 151–200. These procedures involve estimating expected inflation as a function of past interest rates, inflation, and time trends. FIGURE 6 Response to a Business Cycle Expansion FIGURE 7 Business Cycle and Interest Rates (Three-Month Treasury Bills), 1951–2008 Source: Federal Reserve: /releases/H15/data.htm. FIGURE 8 Equilibrium in the Market for Money FIGURE 9 Response to a Change in Income or the Price Level FIGURE 10 Response to a Change in the Money Supply Summary Table 4 Factors That Shift the Demand for and Supply of Money FIGURE 11 Response over Time to an Increase in Money Supply Growth FIGURE 12 Money Growth (M2, Annual Rate) and Interest Rates (Three-Month Treasury Bills),1950–2008 Sources: Federal Reserve: /releases/h6/hist/h6hist1.txt. Chapter 6 The Risk and Term Structure of Interest Rates FIGURE 1 Long-Term Bond Yields, 1919–2008 Sources: Board of Governors of the Federal Reserve System, Banking and Monetary Statistics, 1941–1970; Federal Reserve: /releases/h15/data.htm. FIGURE 2 Response to an Increase in Default Risk on Corporate Bonds Table 1 Bond Ratings by Moody’s, Standard and Poor’s, and Fitch FIGURE 3 Interest Rates on Municipal and Treasury Bonds FIGURE 4 Movements over Time of Inter