这个作业是回答股票、证券等相关市场的收益估值问题
MOS 3313B-001: Financial Markets and Institutions
Assignment 1
1.使用本课程中学习的工具和术语来证明您的答案合理。
a）（4分）股票估值处于历史高位，专家们在努力解释
他们，鉴于经济状况。描述这对均衡水平的影响
利率
b）（4分）在现行法规下，许多机构投资者面临严格的限制
他们购买和持有投机级债券的能力。您期望什么
如果投资级和投机级债券的收益率之间的价差发生
这些规定被淘汰了吗？
2.转到加拿大银行网站
a）（1分）对于2021年1月13日，找到以下四个比率：
一种。国库券– 1年期利率
b。加拿大政府基准债券收益率– 2年期利率
C。加拿大政府基准债券收益率– 3年期
d。加拿大政府基准债券收益率– 5年期。
b）（1分）计算从现在起一年后的一年远期汇率：௧ାଵ𝑓ଵ。
c）（4分）这告诉您有关市场对以下方面的期望（如果有的话）
明年的费率？证明你的答案。
d) (4 points) What (if anything) does this tell you about the market’s expectations about the
economy over the next year? Justify your answer.
e) (2 points) [Challenging] Calculate the one-year forward rate two years from now: ௧ାଶ𝑓ଵ,
as well as the 2-year forward rate three years from now: ௧ାଷ𝑓ଶ.
3. (10 points) Find and read the article: “The eternal zero.” The Economist, 10 October 2020.
Though the article begins by discussing the role of the central bank (which we will not cover
until next week), I want you to focus on its discussion of the determinants of the level of interest
rates. Starting from the paragraph that begins with, “[t]he pandemic is just the latest shock…”
the author argues that the pandemic will likely result in lower interest rates for the foreseeable
future. Identify two of the author’s arguments and use the loanable funds framework to interpret
them.