四川大学：《货币银行学》课程教学资源（课件讲义，双语版）Chapter 4 Interest Rate

Chapter 4 Interest rate

Chapter 4 Interest Rate

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 then you borrow

•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

4. 1 The types of Interest Rates >fixed interest rates and floating interest rates >short-term interest rates and long-term interest rates >nominal real interest and real interest rates >market interest and managed interest

4.1 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

4.2 Calculating Interest Rate 42.1 simple interest(单利) 422 compound interest(复利

4.2 Calculating Interest Rate 4.2.1 simple interest （单利） 4.2.2 compound interest (复利)

4.2.3 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 asa percent of purchasing power loaned out Real interest rates Nominal interest rates inflation rate

4.2.3 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: 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

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

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

The economic significance distinguishing Nominal Interest Rates and Real Interest Rates

4.3 What Determines the level of interest rate 4.3.1 Supply of credit or loanbale funds lending) 4.3. 2 Demand for credit or loanbale funds( borrowing)

4.3 What Determines the Level of Interest Rate 4.3.1 Supply of credit or loanbale funds (lending) 4.3.2 Demand for credit or loanbale funds (borrowing)

4.3.3 Equilibrium interest rate(均衡利率) o Equilibrium interest rate is the intersection point of the supply and demand curves. o Equilibrium means no tendency for change

4.3.3 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