Lecture Money and capital markets: Chapter 7 – Peter S. Rose, Milton H.Marquis - TRƯỜNG CÁN BỘ QUẢN LÝ GIÁO DỤC THÀNH PHỐ HỒ CHÍ MINH
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Chapter 7
Inflation & Deflation, Yield
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7 3
<i>McGrawHill/Irwin</i>
<i>Money and Capital Markets, 9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
LearningObjectives
ã <sub>Tolearnwhatinflationisandhowitcanimpactinterestrates</sub>
andthepricesoffinancialassets.
ã Tounderstandthegreaterconcerntodayoverdeflationand
howitmayaffecttheeconomyandfinancialsystem.
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
LearningObjectives
ã <sub>Todiscoverhowyieldcurvescanbeausefultoolforthose</sub>
interestedininvestingtheirmoneyandintrackingthehealth
oftheeconomy.
ã Tolookattheconceptofdurationandseehowitcanbeused
toassistinmakinginvestmentchoicesandinprotecting
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7ư5
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
Introduction
ã <sub>WhyaretheinterestratesonU.S.Treasurybills,Treasury</sub>
bonds,municipalbonds,corporatebonds,personalloans,etc.
sodifferentfromoneanother?
ã <sub>Understandingthefactorsthatcauseinterestratestodifferis</sub>
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
InflationandInterestRates
ã <i><sub>Inflation</sub></i><sub>referstotheriseintheaveragelevelofpricesforall</sub>
goodsandservices.
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7ư7
<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
InflationandInterestRates
ã <sub>Inrecentyears,theU.S.inflationandinterestratesappearto</sub>
befairlystronglycorrelated.
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
InflationandInterestRates
<i>NominalandRealInterestRates</i>
ã <sub>Ingeneral,lenderswillattempttocharge</sub><i><sub>nominal</sub></i><sub>ratesof</sub>
interestthatgivethemtheirdesired<i>real</i>ratesofreturnontheir
loanablefundsbasedupontheirexpectationsregarding
inflation.
<sub>nominalrate=publishedorquotedrate</sub>
<sub>realrate=ratemeasuredintermsoftheactual</sub> <sub></sub>
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<i>McGrawưHill/Irwin</i>
<i>MoneyandCapitalMarkets,9/e</i> <i>â2006TheMcGrawưHillCompanies,Inc.,AllRightsReserved.</i>
InflationandInterestRates
<i>AlternativeViews</i>
ã WhiletheFishereffectisamongthemostpopular
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