[經(jīng)濟(jì)學(xué)]貨幣金融學(xué)課件lecture(完整版)
【正文】 nterest rate risk) Copyright 169。s i nt e r e st r a t e on t he t wo pe r i o d bondtettiii?Copyright 169。 （新華網(wǎng)） Liquidity ? A liquidity assets is one that can be quickly and cheaply converted into cash if the need arises. The more liquidity an assets is , the more desirable it is ( holding everything else constant ) ? US Treasury Bonds are most liquid of all long term bonds ? Corporate Bonds are less liquid Ine Tax Consideration The Municipal Bonds have the lowest interest rate despite they have higher default risks and less liquid than those of US treasury bonds ? The interest payments on municipal bonds are exempt from federal ine tax? raise the aftertax expected return on these bonds ?demand rises? demand curve of municipal bonds increases Copyright 169。 2022 Pearson AddisonWesley. All rights reserved. 63 ?Interest rates on difference categories of bonds differ from one another in any given year ?The spread between the interest rates varies over time Risk Structure of Interest Rates Copyright 169。 兩家信用評級機(jī)構(gòu)的舉動表明美國房地產(chǎn)市場陷入泥潭，短期內(nèi)無法走出困境。 2022 Pearson AddisonWesley. All rights reserved. 617 Expectations Theory ? The interest rate on a longterm bond will equal an average of the shortterm interest rates that people expect to occur over the life of the longterm bond ? Eg. If people expect that shortterm interest rates will be 10% on average over the ing five years, the theory predicts that the interest rate on bonds with five years to maturity will be 10% ? Assumption: ? Buyers of bonds do not prefer bonds of one maturity over another。 2022 Pearson AddisonWesley. All rights reserved. 623 Expectations Theory ? Explains why interest rates on bonds with different maturities move together over time (fact 1) A rise in shortterm rates will raise people’s expectations of future shortterm interest rates, thus raise longterm rates, causing shortterm and long term rates to move together ? Explains why yield curves tend to slope up when shortterm rates are low and slope down when shortterm rates are high (fact 2) ? When shortterm interest rates are low ,people generally expect them to rise to some normal level in the future? average of future expected shortterm rates is high relative to current shortterm rate? long term interest rte will be higher then current shortterm rate ? Cannot explain why yield curves usually slope upward (fact 3) ? The typical upward slope of yield curves implies that short term rates are usually expected to rise in the future. In practice, short term rates are just as likely to fall as they are to rise? yield curve should be flat Copyright 169。 2022 Pearson AddisonWes
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