Mishkin_02_C04.pptVIP

Chapter 4 Understanding Interest Rates 理解利率 Table 1 Yields to Maturity on a 10%-Coupon-Rate Bond Maturing in Ten Years (Face Value = $1,000) 表1 10年期10%息票利率债券的到期收益率（面值为1000美元） When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate. 如果债券的现期价格和面值相等，那么到期收益率就等于息票利率。 The price of a coupon bond and the yield to maturity are negatively related. 债券的现期价格与到期收益率之间存在负相关关系。 The yield to maturity is greater than the coupon rate when the bond price is below its face value. 当债券的现期价格低于其面值时，到期收益率要高于其息票利率。 Table 2 One-Year Returns on Different-Maturity 10%-Coupon-Rate