3.3 The Theory of Term Structure of Interest Rates 利率的期限结构理论

教学视频：

课堂练习：

1.The Pure Expectations Theory  纯预期理论

The pure expectations theory singles outthe role of current expectations about future interest rates as the crucialdeterminant of the current term structure of interest rate.

纯预期理论指出，当前对未来利率的预期，是当前利率期限结构的关键决定因素。

2.The Segmented Markets Theory  市场分割理论

The theory of the term structure suggeststhat the market for funds is segmented between those who supply funds and thosedemanding funds at each different maturity.市场分割理论表明，基金市场在不同期限被分割为供给者和需求者。  

3.The Preferred Habitat Theory and  Liquidity Premium Theory  习惯性偏好理论和流动性溢价理论

The preferred habitat theory states that bonds of different maturities are assumed to be substitutes but not perfectsubstitutes. The liquidity premium theory reasons that a positive term(liquidity) premium must be offered to buyers of long-term bonds to compensatethem for their increased risk.

习惯性偏好理论认为，不同期限的债券被假设为替代品，但不是完全替代品。流动性溢价理论认为，必须向长期债券的买家提供一个积极的期限(流动性)溢价，以补偿他们增加的风险。

Checkpoint:

If the current one-year interest rate is5 percent and the expected one-year interest rate in the next year is 8percent, what is the two-year interest rate? (Use the expectations theory.)