货币金融学(第十三版)课件 英文第5章 利率行为 .pptx

货币金融学(第十三版)课件 英文第5章 利率行为 .pptx

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TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter5TheBehaviorofInterestRatesCopyright?2022,2019,2016PearsonEducation,Inc.AllRightsReserved

PreviewInthischapter,weexaminehowtheoveralllevelofnominalinterestratesisdeterminedandwhichfactorsinfluencetheirbehavior.

LearningObjectives(1of2)5.1Identifythefactorsthataffectthedemandforassets.5.2Drawthedemandandsupplycurvesforthebondmarketandidentifytheequilibriuminterestrate.5.3Listanddescribethefactorsthataffecttheequilibriuminterestrateinthebondmarket.

LearningObjectives(2of2)5.4Describetheconnectionbetweenthebondmarketandthemoneymarketthroughtheliquiditypreferenceframework.5.5Listanddescribethefactorsthataffectthemoneymarketandtheequilibriuminterestrate.5.6Identifyandillustratetheeffectsontheinterestrateofchangesinmoneygrowthovertime.

DeterminantsofAssetDemand(1of2)Economicagentsholdavarietyofdifferentassets.Whataretheprimaryassetsyouhold?Anassetisanythingthatcanbeownedandhasvalue.Assuch,itemssuchasmoney,laptops,cellphones,bonds,stocks,art,land,housesandmanufacturingmachinerywouldbeincluded.

DeterminantsofAssetDemand(2of2)Wealth:thetotalresourcesownedbytheindividual,includingallassetsExpectedReturn:thereturnexpectedoverthenextperiodononeassetrelativetoalternativeassetsRisk:thedegreeofuncertaintyassociatedwiththereturnononeassetrelativetoalternativeassetsLiquidity:theeaseandspeedwithwhichanassetcanbeturnedintocashrelativetoalternativeassets

TheoryofPortfolioChoice(1of2)Holdingallotherfactorsconstant:ThequantitydemandedofanassetispositivelyrelatedtowealthThequantitydemandedofanassetispositivelyrelatedtoitsexpectedreturnrelativetoalternativeassetsThequantitydemandedofanassetisnegativelyrelatedtotheriskofitsretu

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