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1、Chapter 3What is Money? Functions of Moneynmedium of exchange.nunit of accountnstore of valuenMeans of payment Measuring Moneynmonetary aggregatesnM1nM2nM3Chapter 4Understanding Interest Rates Measuring Interest Ratesnsimple loannfixed-payment loanncoupon bondndiscount bondpresent discounted value:T
2、odays value of a payment to be received in the future when the interest rate is i. Also called present discounted value. PV of future $1=yield to maturitySimple loan（简式贷款） vFixed-payment load（定期定 额清偿贷款）LV=load value FP=fixed yearly payment n=number of years until maturity vCoupon bond（息票债券）P=price o
3、f coupon bond C=yearly coupon payment F=face value of the bondn=number of years until maturity vConsol(or a perpetuity统一公债)P=price of the consolC=yearly paymentvDiscount bond(贴现发行债券)F=face value of the discount bond P=current price of the discount bondOther Measures of Interest RatesnCurrent Yield:n
4、yield on a discount basisThe Distinction Between Interest Rates and Returns1. Rate of returnnThe return on a bond will not necessarily equal the interest rate on that bond.RET=return from holding the bond from time t to time t+1 Pt=price of the bond at time t Pt+1=price of the bond at time t+1 C=cou
5、pon payment(9)(10)Maturity and the Volatility of Bond Returns: Interest-Rate RisknPrices and returns for long-term bonds are more volatile than those for shorter-term bonds.ninterest-rate risk:The possible reduction in returns associated with changes in interest rates. The Distinction Between Real a
6、nd Nominal Interest Ratesnnominal interest rate:An interest rate that does not take inflation into account.nreal interest rate:The interest rate adjusted for expected changes in the price level (inflation) so that it more accurately reflects the true cost of borrowing. Fisher equationi=ir+e (11)ir=i
7、-e (12)Exp. r=5%, e=3% ,ir=i-e=5%-3%=2%Exp. r=8%, e=10%,ir=i-e=8%-10%=-2%When the real interest rate is low,there are greater incentives to borrow and fewer incentives to lend.Chapter 5The Behavior of Interest Rates Determinants of Asset DemandnWealthnexpected returnnRisknLiquidityTheory of asset de
8、mandnThe quantity demanded of an asset is positively related to wealth.nThe quantity demanded of an asset is positively related to its expected return relative to alternative assets.nThe quantity demanded of an asset is negatively related to the risk of its return relative to alternative assets.nThe
9、 quantity demanded of an asset is positively related to its liquidity relative to alternative assets.Loanable Funds Framework: Supply and Demand in the Bond Market 1. Demand Curve demand curve has the usual downward slope,indicating that at lower prices of the bond (everything else being equal),the
10、quantity demanded is higher.2.Supply Curvensupply curve:nSupply curve has the usual upward slope,indicating that as the price increases (everything else being equal),the quantity supplied increases. 3.Market EquilibriumnBd=BsSupply and Demand Analysisnloanable funds framework:Determining the equilib
11、rium interest rate by analyzing the supply of and demand for bonds (loanable funds). nasset market approach:An approach to determine asset prices using stocks of assets rather than flows. Changes in Equilibrium Interest Rates1. Shifts in the Demand for BondnWealthnExpected returns on bond relative t
12、o alternative assetsnRisk of bonds relative to alternative assetsnLiquidity of bonds relative to alternative assets2. Shifts in the supply for Bonds nExpected profitability of investment opportunitiesnExpected inflationnGovernment activitiesApplication Explaining Low Japanese Interest RatenNegative
13、inflationBd, Bd shifts right,Bs , Bs shifts left PB , iB nBusiness cycle contraction lack of investment opportunities Bs , Bs shifts left iB Application Have Low Savings Rates in the United States Led to Higher Interest Rates?The decline in savings means that the wealth of American households is low
14、er than would otherwise be the case .Liquidity Preference Framework:Supply and Demand in the Market for Money Assets:money and bondsBs+Ms=Bd+Md (2)Bs-Bd=Md -Ms (3) If Md =Ms Bs=BdChanges in Equilibrium Interest Rates1.Shifts in the Demand for MoneynIncome effect: (1)economy expandsincome wealth mone
15、y (as a store of value); (2)economy expandsincome money ( transactions) Conclusion:a higher level of income causes the demand for money to increase and the demand curve to shift to the right.nPrice-level effect:a rise in the price level causes the demand for money to increase and the demand curve to shift to the right.2.Shifts in the Supply for Money A increase in the money supply engineered by the Federal Reserve will shift the supply curve for money to the right.Application Change in the Equilibrium Interest Rate Due to Changes in Income,the Price Level,or the Money SupplyApp
