Introduction to Risk, Return, and the Historical Record必看课件资料.pdf

CHAPTER 5 Introduction to Risk, Return, and the Historical Record Curriculum name: Investment 投资学 Curriculum teacher: Ying Dong 董莹 Major: Finance 金融学专业 INVESTMENTS |BODIE, KANE, MARCUS McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. 5-2 Interest Rate Determinants • Supply – Households • Demand – Businesses • Government’s Net Supply and/or Demand – Federal Reserve Actions INVESTMENTS |BODIE, KANE, MARCUS 5-3 Equilibrium Real Rate of Interest • Determined by: – Supply – Demand – Government actions – Expected rate of inflation INVESTMENTS |BODIE, KANE, MARCUS 5-4 Figure 5.1 Determination of the Equilibrium Real Rate of Interest Increase budget deficit Expansionary monetary policy INVESTMENTS |BODIE, KANE, MARCUS 5-5 Real and Nominal Rates of Interest • Nominal interest rate: • Let R = nominal Growth rate of your rate, r = real rate money资金量增长率 and I = inflation rate. Then: • Real interest rate: Growth rate of your 1+rr = 1+ rr = −