Slides Brigham and Houston Interest Rates教学教案.ppt

Interest Rates;What four factors affect the level of interest rates?;“Nominal” vs. “Real” Rates;Determinants of Interest Rates;Premiums Added to r* for Different Types of Debt;Constructing the Yield Curve: Inflation;Constructing the Yield Curve: Maturity Risk;Constructing the Yield Curve: Maturity Risk;Add the IPs and MRPs to r* to Find the Appropriate Nominal Rates;Hypothetical Yield Curve;Relationship Between Treasury Yield Curve and Yield Curves for Corporate Issues;Representative Interest Rates on 5-Year Bonds in May 2011;Illustrating the Relationship Between Corporate and Treasury Yield Curves;Pure Expectations Theory;Assumptions of Pure Expectations;An Example: Observed Treasury Rates and Pure Expectations;One-Year Forward Rate;Three-Year Security, Two Years from Now;Conclusions about Pure Expectations;Macroeconomic Factors That Influence Interest Rate Levels