THEDETERMINATESOFINTERESTRATES(金融市场学,上.pptxVIP

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2021-06-13 发布于北京
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THEDETERMINATESOFINTERESTRATES(金融市场学,上.pptx

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THE DETERMINATES OF INTEREST RATES;Determinates of Interest Rate Levels;Loanable Funds Theory;The level of interest rates is determined as the market clearing rate, if.;Factors affecting the Supply of Loanable Funds.;Supply of loanable funds (continued).;Factors affecting theDemand for Loanable Funds.;Changes in supply and demand for Loanable Funds;Japanese investors refrain from buying U.S. interest-bearing securities.;The relationship between inflation and the level of interest rates;The Fisher Relation: i = r + pe;The relationship between nominal interest rates and inflation.;The relationship between changes in expected inflation and the real rate, expected inflation, and nominal interest rates (percentages)The Fisher effect;Mundell-Tobin…less than one-to-one relationship between changes in nominal interest rates and expected inflation due to a real money balance effect.;Mundell-Tobin (continued);The relationship between changes in expected inflation and the real rate, expected inflation, and nominal interest rates (Percentages);Darby-Feldstein…greater than one-to-one relationship between changes in nominal interest rates and expected inflation.;Darby-Feldstein…the difference between Fisher and Darby-Feldstein is the tax factor 1/(1-t);The relationship between changes in expected inflation and the real rate, expected inflation, and nominal interest rates (percentages);Actual inflation and market interest rates;Relationship between market rate and annual inflation rate: Ex Post Real Rate;Selected nominal yields and interest rates;Selected real yields and interest rates;Interest rates and the business cycle;Interest rates and the business cycle;The Money and Capital Markets;Yields on money market instruments;Yields on capital market instruments;Why do interest rates differ between securities?;Term to final maturity;Most recent yield curves;General shape of yield curves;Theories of the term structure of interest rates;Unbiased expectations theory…Attribut