金融市场与金融机构（原书第9版）教学课件Mishkin_fmi09_ppt_05.pptxVIP

Financial Markets and Institutions;Chapter Preview (1 of 4);Chapter Preview (2 of 4);Chapter Preview (3 of 4);Chapter Preview (4 of 4);Risk Structure of Interest Rates;Figure 5.1 Long-Term Bond Yields, 1919–2016;Risk Structure of Long Bonds in the U.S.;Factors Affecting Risk Structure of Interest Rates;Default Risk Factor;Default Risk;Default Risk Factor (1 of 3);Default Risk Factor (2 of 3);Figure 5.2 Response to an Increase in Default Risk on Corporate Bonds;Analysis of Figure 5.2: Increase in Default on Corporate Bonds;Default Risk Factor (3 of 3);Table 5.1 Bond Ratings by Moody’s and Standard and Poor’s;Case: The Global Financial Crisis and the Baa-Treasury Spread;Liquidity Factor (1 of 2);Corporate Bond Becomes Less Liquid;Liquidity Factor (2 of 2);Income Taxes Factor (1 of 3);Income Taxes Factor (2 of 3);Income Taxes Factor (3 of 3);Figure 5.3 Interest Rates on Municipal and Treasury Bonds;Analysis of Figure 5.3: Tax Advantages of Municipal Bonds;Case: Bush Tax Cut and Obama Repeal on Bond Interest Rates (1 of 2);Case: Bush Tax Cut and Possible Repeal on Bond Interest Rates (2 of 2);Term Structure of Interest Rates;Following the News;Following the News: A Stylized Figure of the Yield Curve;Term Structure Facts to Be Explained (1 of 2);Figure 5.4 Movements over Time of Interest Rates on U.S. Government Bonds with Different Maturities;Term Structure Facts to Be Explained (2 of 2);Three Theories of Term Structure;Expectations Theory (1 of 4);Expectations Theory (2 of 4);Expectations Theory (3 of 4);Expectations Theory (4 of 4);Example 5.2: Expectations Theory;More generally for n-period bond… (1 of 2);More generally for n-period bond… (2 of 2);Expectations Theory and Term Structure Facts (1 of 4);Expectations Theory and Term Structure Facts (2 of 4);Expectations Theory and Term Structure Facts (3 of 4);Expectations Theory and Term Structure Facts (4 of 4);Market Segmentation Theory (1 of 2);Market Segmentation Theory (2 of 2);Liquidity Premium Theory (1 of 3);Liq