The Structure of Interest Rates
The Structure of Interest Rates
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利率结构
DOI：
10.2307/1881665
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发表时间：
1940
影响因子：
13.7
通讯作者：
F. Lutz
中科院分区：
文献类型：
--
作者：
F. Lutz
一、假设，36页。——关于短期利率和长期利率之间关系的五个命题，37页。——二、投资成本的影响，41页。——贷方的可转移性，43页。——两个复杂情况：多种期限，44页；银行作为期限转换者的作用，45页。——三、风险的影响，46页。——四、预期：理性投资者的决策，48页；可能的不一致性，49页。当市场多数参与者预期利率上升时，市场成员之间不同预期的影响，51页；当“市场”预期利率下降时，54页。——五、验证：利率随时间的变动，55页；不同期限收益率的结构，56页。——六、这种分析对以下方面的影响：贴现率对投资的影响，60页；利息与资本边际效率，60页；短期利率和长期利率之间巨大差距的影响，61页；“流动性利息理论”，62页。
I. Assumptions, 36. — Five propositions concerning the relationship between short and long rates, 37. — II. Influence of the costs of investment, 41. — Shiftability on the lenders' side, 43. — Two complications: many maturities, 44; the function of banks as changers of maturities, 45. — III. The influence of risk, 46. — IV. Expectations: the rational investor's decisions, 48; possible inconsistencies, 49. Effect of divergent expectations among members of the market, when the majority expect rising interest rates, 51; when "the market" expects rates to fall, 54. — V. Verification: movement of interest rates over time, 55; structure of yields on different maturities, 56. — VI. Bearing of this analysis on: influence of the discount rate on investment, 60; interest and the marginal efficiency of capital, 60; influence of wide gaps between short and long rates, 61; the "liquidity theory of interest," 62.