文档介绍：ChChaapptteerr 44
IInntteerreesstt RRateate
•Interest rate is the price of the money.
•Interest rates are the most pervasive element in the
financial market.
•Interest works both ways.
•You earn interest when you save and you pay interest
when you borrow.
The types of Interest Rates
Øfixed interest rates and floating interest rates
Øshort-term interest rates and long-term interest rates
Ønominal real interest and real interest rates
Ømarket interest and managed interest
Calculating Interest Rate
simple interest (单利)
interest (复利)
Nominal Versus Real Interest Rates
(名义利率和实际利率)
Nominal Interest Rates
---measured in money as distinct from purchasing power.
Real Interest Rates
---measures the increment in purchasing power as a
percent of purchasing power loaned out.
Real Interest Rates =
Nominal Interest Rates – inflation rate
对实际利率的计算通常会出现三种情况:对实际利率的计算通常会出现三种情况
名义利率高于通货膨胀率时,实际利率为正利率。
名义利率等于通货膨胀率时,实际利率为零。
名义利率低于通货膨胀率时,实际利率为负利率。
ex ante or expected real interest rates and
ex post or realized real interest rates
The economic significance distinguishing
Nominal Interest Rates and Real Interest Rates
What Determines the Level of Interest Rate
Supply of credit or loanbale funds (lending)
Demand for credit or loanbalefunds (borrowing)
Equilibrium interest rate (均衡利率)
oEquilibrium interest rate is the intersection
point of the Supply and Demand curves.
oEquilibrium means no tendency for change.