TAILIEUCHUNG - Lecture Introduction to finance: Markets, investments, and financial management (14th edition): Chapter 8 - Melicher, Norton

Chapter 8 - Interest rates. This chapter includes contents: Describe how interest rates change in response to shifts in the supply and demand for loanable funds, identify major historical movements in interest rates in the United States, describe the loanable funds theory of interest rates, | Chapter 8 Interest Rates © 2011 John Wiley and Sons Chapter Outcomes Describe how interest rates change in response to shifts in the supply and demand for loanable funds Identify major historical movements in interest rates in the United States Describe the loanable funds theory of interest rates Chapter Outcomes (Continued) Identify the major determinants of market interest rates Describe the types of marketable securities issued by the . Treasury Describe the ownership of Treasury securities and the maturity distribution of the federal debt Chapter Outcomes (Continued) Explain the term or maturity structure of interest rates Identify and briefly describe the three theories used to explain the term structure of interest rates Identify broad historical price level changes in the U. S. and other economies and discuss their causes Chapter Outcomes (Concluded) Describe the various types of inflation and their causes Discuss the effect of default risk premiums on the level of long-term interest rates Supply and Demand for Loanable Funds Basic Interest Rate Concepts: Interest Rate: Price that equates the demand for and supply of loanable funds Role of Financial Markets: Interest rates are determined by the supply and demand for loanable funds in financial markets Interest Rate Determination in the Financial Markets Interest rate (r) Quantity of Loanable Funds 7% 8% 9% S1 D1 D1 S1 D2 A B C D S1 D1 D3 S1 S2 Interest rate (r) Interest rate (r) Interest rate (r) Quantity of Loanable Funds Quantity of Loanable Funds Quantity of Loanable Funds 8% S2 D1 Historical Changes in . Interest Rate Levels Periods of Rising Interest Rates: 1864-1873 (rapid economic expansion after the Civil War) 1905-1920 (pre-war expansion and World War I-related inflation) 1927-1933 (economic boom in late 1920s followed by major depression) 1946- 1982 (rapid economic expansion after World War II) Historical Changes in . Interest Rate Levels (continued) .

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