图 书 馆
讲座5-现值价格与实际利率Lecture 5 - Present Value Prices and the Real Rate of Interest |
|
| 课程网址: | http://videolectures.net/yalemecon251f09_geanakoplos_lec05/ |
| 主讲教师: | John Geanakoplos |
| 开课单位: | 耶鲁大学 |
| 开课时间: | 2012-03-17 |
| 课程语种: | 英语 |
| 中文简介: |  |
| 课程简介: | Philosophers and theologians have railed against interest for thousands of years. But that is because they didn't understand what causes interest. Irving Fisher built a model of financial equilibrium on top of general equilibrium (GE) by introducing time and assets into the GE model. He saw that trade between apples today and apples next year is completely analogous to trade between apples and oranges today. Similarly he saw that in a world without uncertainty, assets like stocks and bonds are significant only for the dividends they pay in the future, just like an endowment of multiple goods. With these insights Fisher was able to show that he could solve his model of financial equilibrium for interest rates, present value prices, asset prices, and allocations with precisely the same techniques we used to solve for general equilibrium. He concluded that the real rate of interest is a relative price, and just like any other relative price, is determined by market participants' preferences and endowments, an insight that runs counter to the intuitions held by philosophers throughout much of human history. His theory did not explain the nominal rate of interest or inflation, but only their ratio. |
| 关 键 词: | 现值价格; 实际利率; 金融均衡模型 |
| 课程来源: | 视频讲座网 |
| 数据采集: | 2023-10-20：liyq |
| 最后编审: | 2023-10-20：liyq |
| 阅读次数: | 15 |