(完整word版)金融市场与金融机构基础FabozziChapter10(word文档).docxVIP

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(完整word版)金融市场与金融机构基础FabozziChapter10(word文档).docx

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Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones) Chapter 10 The Level and Structure of Interest Rates Multiple Choice Questions 1 The Theory of Interest Rates An interest rate is the price paid by a ________ to a ________ for the use of resources during some interval. A) borrower; debtor lender; creditor borrower; lender lender; borrower Answer: C Comment: An interest rate is the price paid by aborrower (or debtor) to a lender (or creditor) for the use of resources during some interval. Diff: 2 Topic: 10.1 The Theory of Interest Rates Objective: 10.1 Fishers classical approach to explaining the level of the interest rate By the ________, we mean the rate on a loan whose borrower will not default on any obligation. A) risk-free rate B) short term C) real rate D) long term Answer: A Comment: The interest rate that provides the anchor for other rates is the short-term rate: risk-free plus real rate. By short term, we mean the rate on a loan that has one year to maturity. (All other interest rates differ from this rate according to particular aspects of the loan, such as its maturity or risk of default, or because of the presence of inflation.) By therisk-free rate, we mean the rate on a loan whose borrower will not default on any obligation. By thereal rate, we mean the rate that would prevail in the economy if the average prices for goods and services were expected to remain constant during the loan ’ s life. Diff: 1 Topic: 10.1 The Theory of Interest Rates Objective: 10.4 the structure of Fishers Law, which states that the nominal and observable interest rate is composed of two unobservable variables; the real rate of interest and the premium for expected inflation 1 Copyright ? 2010 Pearson Education Inc. Publishing as Prentice Hall 3) By the ________, we mean the rate that would prevail in the economy if the average prices for goods and services were expected to remain constant during the loans life. risk-free rate short term real r