Understanding Interest Rates参考.ppt

Chapter 4 Understanding Interest Rates Table 1 Yields to Maturity on a 10%-Coupon-Rate Bond Maturing in Ten Years(Face Value = $1,000) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate The price of a coupon bond and the yield to maturity are negatively related The yield to maturity is greater than the coupon rate when the bond price is below its face value Table 2 One-Year Returns on Different-Maturity 10%-Coupon-Rate Bonds When Interest Rates Rise from 10% to 20% FIGURE 1 Real and Nominal Interest Rates (Three-Month Treasury Bill), 1953–2008 Sources: Nominal rates from /releases/H15. The real rate is constructed using the procedure outlined in Frederic S. Mishkin, “The Real Interest Rate: An Empirical Investigation,” Carnegie-Rochester Conference Series on Public Policy 15 (1981): 151–200. This procedure involves estimating expected inflation as a function of past interest rates, inflation, and time trends and then subtracting the expected inflation measure from the nominal interest rate. 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