新ch碎ap5.pptVIP

* * * All Rights from zhailu All Rights from zhailu All Rights from zhailu All Rights from zhailu * * Chapter 5 The Behavior of Interest Rates * * U.S. Real and Nominal Interest Rates * * Two important Theories about interest Supply and Demand for Bonds Loanable Funds Framework Liquidity Preference Framework * *  1. Determinants of Asset Demand 2. Supply and Demand for Bonds 3. Loanable Funds Framework 4. Changes in Equilibrium Interest Rates 5. Supply and Demand in the Market for Money: The Liquidity Preference Framework 6. Changes in Equilibrium Interest Rates in the Liquidity Preference Framework Outline * * Determinants of Asset Demand Asset: a piece of property that is a store of value. An individual must consider the following factors: Wealth Expected return Risk Liquidity * * Wealth, the total resources owned by the individual, including all assets Holding everything else constant, an increase in wealth raises the quantity demanded of an asset * * Expected return: the return expected over the next period on one asset relative to alternative assets An increase in an asset’s expected return relative to that of an alternative asset, holding everything else unchanged, raises the quantity demanded of the asset * * (1) when the expected return on the asset rises while the return on the alternative asset remains unchanged (2) when the return on the alternative asset falls while the return on the asset remain unchanged. * * Risk :the degree of uncertainty associated with the return on one asset relative to alternative assets Holding everything else constant, if an asset’s risk rises relative to that of alternative assets, its quantity demanded will fall. * * 案例：当俄罗斯违约时 1998年8月，俄罗斯政府不能对外国投资者持有的一些债券进行支付。突然之间，没有人想要持有俄罗斯的债券。更重要的是，人们对于所有新兴市场国家发行的债务失去了信心，包括巴西、阿根廷、土耳其和泰国。在抛弃了那些看起来充满风险的地方之后，投资者继续寻找安全的地方来投放资金，比如美国的长期国债 。 * * * * Liquidity (the ease and speed with which an asset can be turne