宏观经济学原理教辅 (16).pdf

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1、16(28)TheStockMarketandtheEconomyOUTLINEOFTEXTMATERIALI.IntroductionA.Asrecentlyasadecadeagomacroeconomicscouldignorethestockmarketbecauseitsimpactontheeconomywassmall(particularlyintheshortrun).B.Thestockmarketboomof1995–2000affectedtheeconomyinmanyway

2、s,mostofthemquitenoticeable.C.Thischapterwillexplorehowthestockmarketaffectstheeconomyandotherrelatedissues.II.StocksandBondsA.BusinessInvestmentandFinance1.Plannedinvestmentspendingincludesnonresidentialfixedinvestment,businessequipment,andresidentialf

3、ixedinvestment.2.Investmentprojectsareusuallyverylarge,oftenrequiringexternalfinancing.a.Internalfinancingmeanspaymentoutofretainedearnings.b.Externalfinancingmeanssomesortofinstrument(s)mustbeissuedtoraiseadditionalfunds.3.Typesofexternalfinancinga.Ban

4、kloansb.Issuingbondsc.Issuingstock147148PrinciplesofMacroeconomicsB.Bonds1.Abondisadocumentthatformallypromisestopaybackaloanunderspecifiedtermsusuallyoveraspecifictimeperiod.a.Thosewhopurchasebondsfromthefirmthatissuedthemarelenders.b.Bondissuersarebor

5、rowers.2.Bondshaveseveralcharacteristics.a.Everybondhasafacevalue,typically$1,000.Thisistheamountthebuyerwillberepaidwhenthebondmatures.b.Mostbondshaveamaturitydate,thedatewhenthefacevaluewillbepaid.c.Manybondsmakeregularpaymentsonceortwiceayear.Thesepa

6、ymentsarecalledcouponpayments.Thecouponisafixeddollaramountspecifiedinthebondcovenant.TOPICFORCLASSDISCUSSION:InEuropemostbondsmakecouponpaymentsonceayear(annualpayments).IntheU.S.mostbondspaycouponstwiceayear(semi-annualpayments).Asktheclassiftheycanth

7、inkofanyreasonwhy.Beopen-minded;thereisnogoodtheorytoexplainthis(yet).3.Thepriceofabondisthenetpresentvalueofitsfuturecouponpaymentsplusthepresentvalueofitsfacevalue.a.Thediscountrateistheyieldtomaturityonotherbondsthatareveryclosesubstitutesforthisbon

8、d.“Closesubstitutes”meanssimilartimetomaturity,defaultrisk,andothercharacteristics.b.Thediscountratethatmakesthepriceofthebondequaltothepresentvalueofitspaymentsiscalledtheyieldtomaturity.4.Bondpricesandinterestrates(yieldstomatu