July 2011
Beginner
288 pages
7h 22m
English
Content preview from BOND MATH: The Theory Behind the FormulasBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Market Demand and Supply
We all learned in our economics classes that the way to think about the price of anything is through the forces of demand and supply. That's how market economies are supposed to work—at least when there are no government price controls or other impediments to the free flow of goods and services. The market-clearing price will be such that demand equals supply, that is, where the two curves cross in the classic economics diagram. We'll soon use those diagrams to determine the level of bond prices and yields.
Consider first Figure 3.1 illustrating a bond transaction. To force this example a bit, suppose there is only one specific bond that can be bought or sold—a 4%, annual payment, 4-year fixed-income security. On the ...
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